TheBlock
Strategy CEO Phong Le defended the company's decision to sell roughly 7,000 bitcoin at $60,000-$65,000 and then resume buying around $80,000, calling both moves the "right trade" in a Bloomberg TV interview on Tuesday. The 7,000 BTC sold during the 10-week buying pause represented less than 1% of Strategy's 845,050 BTC holdings, according to Le. Strategy added 4,603 BTC last week at an average price of $80,318, bringing the total stack to roughly $65 billion at current prices.
Why it matters
Le framed the trades as capital-cost decisions rather than price calls. Strategy used bitcoin sales to fund Stretch dividends while working net debt from roughly $7 billion to zero and building about $7 billion in cash reserves during the 10-week pause. The pivot to what Le called a "two-way strategy" lets the company sell bitcoin when needed to meet obligations, a notable shift for a business that has built its identity as an unlevered, perpetual buyer.
Market impact
Investors read the timing as a tell. MSTR closed at $124.88 on Tuesday, down 6.1% on the day. Bernstein maintained its Outperform rating on the stock but cut its price target to $350 from $450, while still forecasting bitcoin at $150,000 by mid-2027. Bitcoin itself approached $77,000 early Wednesday, down 1.1% over 24 hours. Le said Strategy could continue buying at $90,000, $100,000, or even $130,000 if capital economics stay attractive.
Frequently asked questions
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Why did Strategy sell bitcoin at $60,000?
CEO Phong Le said the sales were capital-cost driven, not price-driven. Strategy used the proceeds to fund Stretch dividends while reducing net debt from $7 billion to zero.
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How much bitcoin did Strategy sell during the buying pause?
Roughly 7,000 BTC, sold at prices between $60,000 and $65,000 during a 10-week buying pause. That represents less than 1% of Strategy's total 845,050 BTC holdings.
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How much bitcoin has Strategy bought back?
Strategy purchased 4,603 BTC last week at an average price of $80,318, bringing total holdings to 845,050 BTC, worth approximately $65 billion at current prices.
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What did Bernstein say about MSTR after the interview?
Bernstein maintained its Outperform rating but cut its price target to $350 from $450, while still forecasting bitcoin at $150,000 by mid-2027.
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What is Strategy's 'two-way strategy'?
It lets Strategy sell bitcoin when needed to fund dividends and other obligations, while still maintaining its identity as a net accumulator of bitcoin.
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