Michael Saylor & Phong Le: MSTR Dilution Fears, Buybacks and Strategy as the "J.P. Morgan of Digital Assets"

— Michael Saylor and Phong Lee address dilution concerns around MSTR common stock and explain why share issuance at premium to NAV is accretive to Bitcoin per share.

— Strategy's digital credit product STRC is positioned as the company's core focus; management defends concentrated efforts to stabilize STRC over near-term equity buybacks.

— Saylor articulates a taxonomy of digital assets—digital capital (Bitcoin), digital credit (STRC), digital money (yield-bearing stablecoins), and digital currency (non-yielding stablecoins)—and explains why traditional finance must flow into Bitcoin through credit and equity instruments.

— MSTR buybacks are contingent on the stock trading at a discount to net asset value per share; currently STRC is the priority because fixing credit improves both the credit and equity value propositions.

— STRC pricing discipline: management commits to keeping STRC trading at par ($99–$101) rather than allowing it to float above $100, in order to maximize liquidity and maintain the product's core value proposition.

— Long-term Bitcoin price targets (including $1 million and $10 million per coin scenarios) remain unchanged, though management emphasizes that timing is uncertain and investors should adopt a multi-year or decade-long holding horizon.

— Separate holding horizons by instrument type: MSTR is designed for investors with a 4–10+ year horizon who accept leverage and volatility; STRC and other credit instruments are suitable for those seeking lower volatility and yield; and money market or short-duration credit instruments are appropriate for 4-month-or-less time horizons.

— Bitcoin per share is the operative metric: Equity dilution concerns are often misplaced; issuing MSTR above NAV to buy Bitcoin, refinance STRC at a discount, or deploy into other accretive trades increases Bitcoin per share and benefits long-term holders, even if short-term price drawdowns occur.

— Regulatory and index inclusion risks are immaterial: MSCI removal of Strategy from its indices would affect only 3–4% of shares and is unlikely to materially impact the stock; management expects to respond and does not view the matter as strategically significant to the company's long-term value creation.