Saylor says share buyback isn’t priority as Strategy builds $4.8 billion cash reserve

Le said the biggest lesson was the need to maintain sufficient cash to cover STRC's dividend payments. Strategy now holds $4.8 billion in U.S. dollars. Saylor said the company plans to maintain large cash balances, giving it more freedom to buy bitcoin, repurchase MSTR or preferred shares or pay down debt.

That flexibility also applies to bitcoin. “We have to be able to sell bitcoin as well as buy bitcoin,” Saylor said.

He also explained how bitcoin's price could affect future purchases. 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.

Unlike MSTR, STRC isn't meant to deliver big gains through a rising share price. It is designed to provide income through dividends while maintaining a stable price. Saylor said Strategy wants STRC trading near the $100 level, and is prepared to sell more above $100 or support it via buybacks when it falls below.

That predictability, he argued, is part of the product.

Saylor also ruled out buying profitable operating businesses to generate extra cash, saying that would make Strategy more complicated and harder for investors to value.