Strategy's Phong Le Defends Buying Bitcoin At $80K After Selling Near $60K: ‘Right Trade’

• Strategy CEO Phong Le defended buying Bitcoin near $80,000 after selling in the $60,000 range on Tuesday.

• He called it the "right trade" and pointed to cost of capital, not price, as the deciding factor for the purchases.

• Alliance Global initiated coverage of Strategy with a 'Buy' rating and raised the stock's price target to $217.

Strategy's (MSTR) decision to sell Bitcoin (BTC) in the 60,000 range, only to resume buying near $80,000, may look like a costly case of selling low and buying high, but to CEO Phong Le it was the 'right trade" to make at the time.

When asked about the sell-low, buy-high sequence during an interview with Bloomberg on Tuesday, Le defended the decision, saying Strategy did not make Bitcoin decisions based on price alone.

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He pointed to the company's balance sheet over the past two months, during which Strategy grew its total assets to $72 billion, including $65 billion in Bitcoin holdings and $7 billion in U.S. dollar reserves, marking a 34% increase in that span.

Lee said that a rapidly strengthened balance sheet, now holding $72 billion in assets, including $65 billion in Bitcoin and $7 billion in dollar reserves, gave the company more flexibility to sell MSTR shares at a premium and put those proceeds back into Bitcoin.