Saylor Warns MSTR Investors To Prepare For Difficult Years

Saylor Urges Long-Term Thinking as MSTR Slides

Strategy (@MicroStrategy) Chairman Michael Saylor (@saylor) issued a candid message to common shareholders on August 17, telling them to brace for turbulence and adopt a long investment horizon. Speaking during a Q&A session, Saylor said MSTR investors should hold a time frame of at least four years, though he personally prefers investors to think in terms of seven to ten years.

"I feel your pain," Saylor said. "But I think we have to be prepared to have difficult years." The comments came after a rough stretch for common shareholders. MSTR is down about 38% this year and 73% year-over-year, driven in large part by Bitcoin's decline, as well as by the consistent issuance of common stock to fund more Bitcoin purchases, build cash reserves, pay dividends, and repurchase preferred stock. The stock did gain nearly 5% on August 17, though that single-session bounce has done little to offset broader losses.

Cash Reserve Grows, Bitcoin Holdings Stay Flat

Strategy's financial posture has shifted notably in recent months. The company kept its Bitcoin holdings unchanged at 840,447 $BTC through August 16 while lifting its U.S. dollar reserve to $4.8 billion. Between August 10 and August 16, Strategy sold 3.46 million MSTR shares for about $333.7 million, made no Bitcoin purchases or sales, and used $52.4 million of the proceeds to fund dividends on its STRC preferred stock.

As of August 16, 2026, the company holds 840,447 BTC, worth approximately $53.4 billion, at an average acquisition price of $63,357 per coin. That positions the holdings at a loss relative to their total cost basis of roughly $63.36 billion.

Strategy plans to maintain larger cash reserves and could sell Bitcoin when needed as it works to support STRC and its dividend payments. Saylor also left the door open to share buybacks, though he stressed they are not a near-term priority. When $BTC trades far above its average price over the past 200 weeks, Strategy may keep more of the cash it raises. When Bitcoin is near or below that long-term average, it may signal a buying opportunity.

Strategy's biggest advantage has historically been that investors valued MSTR shares above the underlying value of its Bitcoin holdings. That premium allowed the company to sell stock, buy Bitcoin, and potentially increase Bitcoin exposure, but Saylor's capital strategy depends on investors paying that premium, which recent market pressure has eroded.

Sources
CoinDesk: Saylor says share buyback isn't priority as Strategy builds $4.8 billion cash reserve
Blockonomi: Strategy Sells MSTR Shares, Keeps Bitcoin Holdings Flat
CoinTurk: Strategy adds $150 million to cash reserves, keeps 840,447 BTC unchanged