Strategy Sold Bitcoin in the $60,000s and Bought It Back at $80,318 — Its CEO Says Both Were Right

Strategy sold bitcoin around $60,000 during the summer and resumed buying last week at an average $80,318. CEO Phong Le says there is no contradiction.

“We don’t buy or sell Bitcoin based on the price of Bitcoin,” Le said in a Bloomberg Crypto interview on September 1. “We buy or sell based on our cost of capital.”

That distinction changes how Strategy’s bitcoin transactions should be read. The company is not presenting purchases as a directional call on bitcoin’s next move. It is comparing bitcoin with the cost and availability of common equity, preferred stock, cash and other sources of financing.

The result can look like selling low and buying high on a bitcoin chart while still being, in Le’s view, the correct corporate-finance decision.

Strategy Sold Roughly 7,000 Bitcoin During Its Financing Reset

Le said Strategy sold roughly 7,000 BTC while restructuring its balance sheet, calling the amount “minuscule” relative to its overall holdings.

Strategy’s public ledger shows three disclosed reductions totaling 5,553 BTC: 2,225 BTC at an average $60,773 in early July, 1,638 BTC at $63,957 in early August and another 1,690 BTC at $64,262 the following week. The company had also sold 1,363 BTC at $59,256 at the end of June.