WuBlockchain
Strategy CEO Phong Le said the company’s earlier Bitcoin sales at $60,000 to $65,000 and its current purchases at $80,000 were each rational for the financial conditions at the time. In a September 2, 2026 interview, he said the sales were not based on Bitcoin’s price alone.
Why it matters
Over the past two months, Strategy strengthened its balance sheet and reduced net debt to zero. That reset made it more economically attractive to issue MSTR shares at a premium and use the proceeds to buy Bitcoin.
Le’s explanation frames Strategy’s treasury decisions as a capital-structure strategy, not a simple bet on whether Bitcoin is up or down. The ability to issue shares at a premium changes the economics of adding BTC, while zero net debt improves the balance-sheet backdrop for that approach.
Market impact
The key signal is the financing model. Le presented both the earlier sales and current purchases as decisions suited to different balance-sheet conditions, not as a reversal of Strategy’s Bitcoin approach.
Investors will watch whether Strategy can keep issuing MSTR shares at a premium while maintaining zero net debt. For the market, the episode reinforces the importance of how corporate treasuries fund BTC exposure, not only the price at which they buy or sell.
Frequently asked questions
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Why did Strategy sell Bitcoin in the $60,000-$65,000 range?
Phong Le said the sales were not based on Bitcoin’s price alone. They reflected the company’s financial conditions at the time.
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What changed on Strategy’s balance sheet before the new Bitcoin purchases?
Over the past two months, Strategy strengthened its balance sheet and reduced net debt to zero.
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How does a premium on MSTR shares support Bitcoin buying?
It made issuing MSTR shares at a premium and using the proceeds to buy Bitcoin more economically attractive.
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What does Strategy’s explanation say about its treasury strategy?
Le presented the earlier sales and current purchases as strategies suited to different circumstances. He said the earlier sales were not based on Bitcoin’s price alone.
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Which indicators will investors watch after Strategy’s financing shift?
Investors will watch whether Strategy can keep issuing MSTR shares at a premium while maintaining zero net debt.
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