Strategy CEO Phong Le said the company has no regrets about selling Bitcoin near $60,000 and later repurchasing it at a higher price, characterizing both transactions as sound financial decisions driven by balance sheet management rather than price predictions.
In an interview with Bloomberg Crypto, Le explained that Strategy sold 6,916 Bitcoin in four tranches from late June through mid-August at a weighted-average price of about $62,200, then bought 4,603 Bitcoin last week at an average price of $80,318. The company financed the repurchase by selling MSTR shares.
Balance Sheet Over Price Speculation
Le stated that Strategy's trading decisions are not driven by Bitcoin's market price. "We don't really make decisions on Bitcoin specific to Bitcoin price," he said. During the two-month period when the company was not buying Bitcoin, Strategy increased its assets to $72 billion—$65 billion in Bitcoin and approximately $7 billion in dollar reserves—and reduced net debt from roughly $7 billion to zero.
The company sold Bitcoin when its share price traded at less favorable levels, making stock sales a less efficient way to fund obligations. As the balance sheet strengthened, issuing MSTR shares became a cheaper method to raise capital for Bitcoin purchases.
Shift in Strategy
Strategy abandoned its "never sell" position in May and pledged to remain a net Bitcoin buyer. The change came as the company's variable-rate perpetual preferred stock declined below its $100 stated value in June, reducing an important funding source for Bitcoin acquisitions.
Le noted that the Bitcoin sales represented less than 1% of the company's total holdings, which have increased 25% to 30% this year. He characterized the company as a "two-way capital management company" capable of buying and selling Bitcoin, equity, and preferred shares rather than functioning solely as an accumulator.
