Michael Saylor isn’t letting the diminishing premium his digital-asset treasury firm Strategy Inc. has long enjoyed over its Bitcoin holding distract him.

Shares of the former MicroStrategy have fallen about 20% since June, while the largest cryptocurrency has climbed around 6% and set fresh record highs. That underperformance has raised questions among critics about the validity of the crypto buy-and-hold strategy Saylor pioneered around five years ago.