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BTC Both sell and buy are based on cost of capital considerations.
Strategy CEO Phong Le recently defended two diametrically opposed Bitcoin transactions in an interview with Bloomberg TV, saying they were both the right decisions. Le said that selling Bitcoin in the range of $60,000 to $65,000 and then buying again when it was close to $80,000 reflected sound financial judgment. He explained that Strategy's decisions are based on the cost of capital rather than purely price movements.
The sale at $60,000 reflects capital needs rather than doubts about price
Le pointed out that the earlier Bitcoin sale (involving approximately 7000 BTC) was needed to raise funds for preferred stock dividends. He described it as the right transaction based on the company's balance sheet at the time. The sale accounted for less than 1% of the company's total Bitcoin holdings. Le said such sales are part of Strategy's operations as an operating company, not just purely hoarding Bitcoin. He likened the sale to corporate financing decisions around large infrastructure investments. According to Le, the goal has never been to predict the short-term price movements of Bitcoin. Instead, the sale uses existing Bitcoin reserves to meet immediate capital needs. He said this distinction separates Strategy's approach from mere market timing.
Over the next two months, Strategy reduced its net debt to zero from about $7 billion. During this period, the company also built approximately $7 billion in U.S. dollar reserves. Total assets climbed to about $72 billion, of which $65 billion was directly held in Bitcoin. Le calls this situation a "fortress balance sheet." As debt cleared and reserves strengthened, Strategy resumed Bitcoin purchases at close to $80,000. Le said the purchase followed the same capital cost logic as previous sales. He pointed out that selling MSTR shares at a premium now provides financial support for purchasing more bitcoin. Le calls this a two-way strategy rather than a one-way hoarding.
Buying at $80,000 is consistent with a long-term accumulation plan
Despite previous sales, Le emphasized that Strategy as a whole remains a net accumulator of Bitcoin. He said the company expects to continue buying at higher price levels if conditions are favorable. Le pointed out that $90,000,$100,000 and even $130,000 are price points that may still make buying sense. The company views Bitcoin accumulation as a long-term financial strategy.
While discussing Bitcoin transactions, Strategy and Michael Saylor formally opposed an MSCI proposal. The proposal recommends excluding companies holding non-operating assets from global equity indices. Strategy believes that this classification treats Bitcoin holdings in an inconsistent manner with other asset types. Strategy pointed out that current accounting standards already classify Bitcoin's gains and losses as operating income. At the same time, assets such as timber and oil are still classified as operating income under existing index standards. The company said the inconsistency conflicts with index providers 'role as neutral market arbiters. Strategy confirmed that it is participating in MSCI's feedback process on the proposal. The company also cited its $6.7 billion U.S. dollar reserves as part of its financial situation. Strategy said its capital raising capabilities place it among the major players in the broader capital markets today.
