Strategy CEO defends Bitcoin sale and subsequent repurchase

Strategy CEO Phong Le has defended the company’s recent Bitcoin trading activity, which involved selling assets at approximately $62,200 per coin and subsequently repurchasing them at a higher average price of $80,318.

Le clarified in an interview that these moves were not attempts to time the Bitcoin market, but were strategic decisions based on managing the company’s balance sheet and financing costs. Between late June and mid-August, the company sold 6,916 BTC in four tranches. By the week ending August 31, Strategy had repurchased 4,603 BTC for $370 million, funded by the sale of MSTR shares.

According to Le, the initial sale was intended to strengthen the balance sheet and finance dividends. He emphasized that the company uses capital structure as a lever, noting that the decision to sell was driven by the opportunity to reduce net debt and take advantage of lower costs for issuing MSTR shares.