'The Right Trade': Strategy CEO Has No Regrets Selling Bitcoin at $60K Before Buying Back Higher
Strategy CEO Phong Le said selling Bitcoin near $60,000 and buying it back later at a higher price was a balance-sheet decision, not a view on Bitcoin’s price. The company sold 6,916 BTC from late June to mid-August at about $62,200 on average, then bought 4,603 BTC the week ending Aug. 30 at about $80,318, funded by selling MSTR shares. Strategy now holds 845,050 BTC, worth about $65.4 billion. Le said the two-month pause in buying was used to strengthen the balance sheet, raise dollar reserves to about $7 billion, and reduce net debt to zero. He said issuing MSTR became cheaper after that, while selling Bitcoin made sense when preferred-share financing through STRC became less attractive. He described Strategy as a “two-way capital management company” that can buy and sell Bitcoin, equity, and preferred stock.
