Saylor responds to MSTR shareholders' 70% loss: Common stock is just a leveraged version of Bitcoin, no short-term rescue A father spent $219,000 to buy MSTR shares for his three kids, and now it's only worth $60,000. Another guy invested $73,000 for each of his three kids, and now each share is only worth $20,000. He couldn’t hold back and directly asked Saylor: You keep raising funds, issuing new shares, maintaining STRC, and issuing convertible bonds—when will these things actually make money for common stock shareholders? Phong Le and Saylor: MSTR common stock has always been a leveraged version of Bitcoin. If BTC drops 50%, MSTR drops 75%. To them, this isn’t a failure of strategy but part of the product design. If you want stable returns, go buy STRC or STRK. If your investment horizon is less than 4 months, go for money market funds. If you’re buying MSTR, be prepared to hold for at least 4 years, ideally 7–10 years. Saylor repeatedly emphasized that the company’s real focus is on the digital credit business: issuing credit products like STRC to raise funds. As long as BTC’s long-term returns exceed the funding threshold of about 10%–10.5%, the BTC purchased with the raised funds will eventually benefit common stock shareholders through appreciation. So, buying MSTR today means you’re betting on three layers: 1. BTC’s long-term growth; 2. The strategy’s ability to continue raising funds at a cost lower than BTC’s return rate; 3. The per-share BTC increase created by this funding outweighing the dilution caused by new share issuance and a more complex capital structure. The guy who lost 70% is essentially asking: When will you save the stock price? Saylor’s response, translated into plain language, is basically: We’re not planning to save the short-term stock price right now. We’re building a bigger financial machine. If this machine succeeds in the end, common stockholders will reap the biggest rewards. If it fails, common stockholders will bear the biggest losses.