'The Right Trade': Strategy CEO Has No Regrets Selling Bitcoin at $60K Before Buying Back Higher

In brief

• Strategy sold 6,948 BTC this summer before buying 4,603 BTC at an average price of $80,318.
• CEO Phong Le said both moves were “the right trade” when they occurred.
• The company now calls itself a “two-way capital management company,” though it remains a net Bitcoin buyer.

Strategy CEO Phong Le has no regrets about selling Bitcoin near $60,000, only to buy it back at a higher price weeks later.

In an interview with Bloomberg Crypto on Wednesday, Le said the apparent “sell low, buy high” trade reflected changes in the company’s balance sheet and financing costs—not a bet on Bitcoin’s price.

“It was the right trade at the time to sell Bitcoin to fund our STRC dividends,” Le said. “It’s the right trade at this point in time to sell MSTR at a premium to buy Bitcoin.”

Strategy sold 6,916 BTC in four tranches from late June through mid-August at a weighted-average price of about $62,200, then bought 4,603 BTC last week at an average price of $80,318, according to the company’s Bitcoin ledger.

The company bought 4,603 BTC for $369.7 million in the week ending Aug. 30, paying an average of $80,318 per coin, according to an Aug. 31 regulatory filing. It financed the purchase by selling MSTR shares, bringing its holdings to 845,050 BTC, around $65.4 billion.