Strategy says selling bitcoin at $60,000 and buying at $80,000 was right at the time

Strategy sold bitcoin in the $60,000 range and then bought it again in the $80,000 range, but Strategy CEO Phong Le (퐁 르) said both trades were appropriate decisions given the funding environment at the time.

On Sept. 2 (local time), Bloomberg Crypto and other foreign media reported that Le said in an interview that the company’s bitcoin trading is determined by the balance sheet and funding costs rather than bitcoin price forecasts.

Le said, "At the time, selling bitcoin to secure STRC dividends was the right trade," and added, "Now, selling MSTR at a premium to buy bitcoin is the right trade."

From late June to mid-August, Strategy sold 6,916 bitcoin in four transactions at a weighted average of about $62,200. It then bought 4,603 bitcoin for a total of $369.7 million from Aug. 24 to 30, at an average purchase price of $80,318. It raised the funds by selling MSTR shares.

The purchases increased Strategy’s bitcoin holdings to 845,050 bitcoin. The company’s cumulative cost to acquire its bitcoin holdings is about $63.73 billion, and the average purchase price is $75,412.

While it appears on the surface like a trade of selling at a lower price and buying back at a higher price, Le stressed that price itself was not the standard for decision-making. He said, "We do not make decisions based on the bitcoin price itself," and added, "We strengthened the balance sheet while not buying bitcoin over the past two months."