Strategy defends both sides of its Bitcoin trades
Macro & Markets ·
CEO Phong Le says the firm's decisions to sell BTC near $60K–$65K and buy back near $80K were each justified by cost of capital, not price forecasting.
Strategy CEO Phong Le told Bloomberg TV that the company's Bitcoin trading is governed by its cost of capital rather than by where BTC's price sits at any given moment, a framing he used to explain two moves that might otherwise look contradictory: selling in the $60,000–$65,000 range earlier this year, then buying again around $80,000, as detailed in a report.
The sale, Le said, involved roughly 7,000 BTC used to help fund some of the company's preferred dividends, and he described it as "the right trade at the time." The logic did not hinge on expecting lower prices ahead; it hinged on what financing that obligation with Bitcoin cost the company versus other options available to it.
Since then, Strategy's balance sheet has shifted materially. Over the past two months, net debt has gone from about $7 billion to zero, and the company has built up roughly $7 billion in U.S. dollar reserves. Le pointed to that deleveraging as part of why resuming Bitcoin purchases at $80,000, and issuing MSTR shares at a premium to fund them, now makes sense financially.
Le characterized the approach as a "two-way strategy": Strategy will sell Bitcoin when the financial math favors it, while still functioning as a net accumulator over time. He said the company could keep buying at $90,000, $100,000, or even $130,000 if the underlying economics continue to support it, again tying the decision to capital costs rather than a price ceiling or floor.
What remains unclear is how Strategy defines the specific cost-of-capital thresholds that trigger a sale versus a purchase, and how the newly built $7 billion cash reserve will be deployed going forward. The account is corroborated by coverage from four distinct sources, though none so far detail the precise financial models behind Le's stated decision points.