Strategy Chair Michael Saylor told shareholders they should not buy Bitcoin or Strategy stock unless they are prepared to hold for at least four years, with seven to 10 years the preferred time frame, as the company navigates a prolonged drawdown and a pause in Bitcoin purchases. He said Strategy’s capital structure is designed to give shareholders leveraged exposure to Bitcoin across market cycles, but warned that the setup can work against the equity for months or even years when conditions are unfavorable. The company’s Bitcoin acquisition program has been paused for seven weeks while it broadens its capital-management approach to include selling common stock, repurchasing preferred shares and building a larger dollar reserve. Strategy’s cash position has risen to about $4.8 billion, up from $4.65 billion a week earlier and roughly $1.5 billion over three weeks. Saylor said that liquidity gives the company flexibility to buy Bitcoin, repurchase securities, repay debt and, if needed, sell Bitcoin. That marks a notable shift from his earlier "never sell" stance. Since May, Strategy has sold about 6,948 BTC for roughly $432 million, including 1,690 BTC earlier in August for around $108 million. A June capital framework allows up to $1.25 billion of Bitcoin sales for dividends, interest, buybacks and reserve purposes, with about $429 million used and roughly $820 million remaining. Saylor said buybacks of common stock are not a priority unless MSTR trades at a very deep discount to net asset value, though the company has been actively repurchasing STRC preferred shares. Last week it bought back 1,388,720 STRC shares for $132.2 million, leaving $653 million under a $1 billion Digital Credit Securities Repurchase Program announced June 29. CEO Phong Le defended recent share issuance, saying selling stock above the company’s real value can increase Bitcoin per share over time despite short-term dilution. The backdrop has been challenging. MSTR is down 39% in 2026, trailing the iShares Bitcoin Trust ETF’s 28% decline and underperforming other crypto-linked equities including the Bitwise Crypto Industry Innovators ETF and MARA Holdings. Strategy held 840,447 BTC at an average purchase price of $75,385 as of the week ended Aug. 16, with the position worth about $53.4 billion at a Bitcoin price near $63,500 against a roughly $63 billion cost basis. The company neither bought nor sold Bitcoin during that week. Strategy shares rose 4.99% to $97.68 on Monday and added 0.27% after hours.