Strategy CEO Phong Le says 32‑BTC sale was a test, not a liquidity fix

Strategy CEO Phong Le told investors that the company’s recent sale of 32 Bitcoin was undertaken mainly to test its internal selling process and to inoculate the market, not to fund dividend payments or address liquidity concerns. The 32‑BTC transaction, executed between May 26 and May 31 at an average price of $77,135, raised about $2.5 million and also generated tax‑loss opportunities.

Le emphasized that the firm still holds 845,256 BTC, the largest publicly disclosed corporate Bitcoin treasury, and that the sale represents a tiny fraction of its holdings. He noted that the company could sell Bitcoin in an "edge‑case" scenario if required to meet roughly $3.5 billion of preferred‑share obligations maturing in 2028, but that refinancing or equity conversions are preferred alternatives. Strategy has also purchased 1,550 BTC for roughly $101 million, bringing its Bitcoin balance higher and underscoring a continued long‑term commitment to Bitcoin despite ongoing market speculation.

The CEO reiterated that the firm’s capital structure and cash reserves (about $1 billion) give it ample flexibility to meet its $1.7 billion annual dividend commitments, and he expressed confidence that future Bitcoin sales would be driven by shareholder benefit rather than necessity.