Strategy CEO Phong Le says the company plans to resume accumulating Bitcoin later this year, despite having sold portions of its BTC holdings earlier in the year—an approach that has attracted investor scrutiny.

In a Monday interview with FOX Business, Le said Strategy purchased about 175,000 Bitcoin since the start of the year while selling roughly 7,000 BTC. He characterized the net flow as “about 25 times more” buying than selling and noted that Strategy has moved from being the world’s second-largest institutional Bitcoin holder to becoming the largest.

Key takeaways

• Strategy says it will restart net Bitcoin accumulation later this year after earlier sales.
• Le reported ~175,000 BTC bought since the beginning of the year versus ~7,000 BTC sold, implying Strategy remains a major net buyer.
• Strategy has sold Bitcoin on four occasions since May, with the most recent sale totaling 1,690 BTC.
• Recent sales have been linked to shareholder payouts and balance-sheet uses, including dividends and share repurchases.
• Broader pressure is building on the corporate Bitcoin treasury model as some public companies trade below the net asset value of their BTC.

Strategy’s plan to keep buying, and why the sales matter

Le’s message is direct: despite stepping back from pure accumulation, Strategy intends to increase its BTC exposure again “throughout the course of the year.” That stance arrives after the company diverged from its long-running “never sell” narrative, even if the magnitude of selling appears small relative to its total holdings.

According to the interview, Strategy has accumulated more than 840,000 BTC overall, while still making sales on four occasions since May. The most recent disclosed sale was for 1,690 BTC.

Le’s comments help frame the trade-off Strategy is facing as a public company with ongoing obligations. The company has used proceeds from recent Bitcoin sales for purposes that extend beyond building its BTC treasury—supporting preferred stock dividends, funding share repurchases, and adding to its U.S. dollar reserve.

The tension for investors is straightforward: selling Bitcoin—even when paired with larger net buying—can be seen as a shift in the risk-management and capital allocation logic that originally attracted many BTC-focused shareholders.

From “never sell” to balancing equity and dividends

Market scrutiny has focused on Strategy’s departure from its “never sell” approach. The company’s situation underscores a challenge unique to Bitcoin-heavy treasury models when they operate under traditional public-company constraints.

As a result, Strategy’s capital decisions are not driven by Bitcoin price views alone. Instead, it must weigh requirements tied to common and preferred shareholders alongside its accumulation strategy. The implication is that even firms positioned as long-term Bitcoin holders may still periodically liquidate BTC to meet other corporate finance priorities.

Why the corporate Bitcoin treasury model is under strain

Beyond Strategy specifically, the broader economics of corporate Bitcoin treasuries have been stressed by weaker market conditions. Data cited from BitcoinTreasuries.NET indicates that public companies collectively hold more than 1.26 million BTC, while spot-exposed vehicles such as exchange-traded funds and other funds hold more than 1.6 million BTC.

The treasury model historically gained momentum during a period when corporate Bitcoin holders traded at premiums to the value of their BTC holdings. In that environment, firms could raise capital through equity or debt and then convert that financing into additional Bitcoin, according to analysis referenced from Novaque Research.

But the mechanics worsen when the market assigns a discount. When companies trade below the net asset value of their Bitcoin holdings, new capital raises can dilute existing shareholders more than they did during premium periods. That makes it harder for treasury firms to perpetuate rapid accumulation without creating downside dilution—especially if capital markets are tighter and equity valuation is less supportive.

In other words, even if the long-term thesis remains intact, the near-term path to growth may require more careful balancing between BTC buying and other corporate uses of cash, particularly when the equity story is no longer a simple premium-to-NAV loop.

What to watch next for Strategy and other BTC treasuries

Strategy says it intends to resume accumulation later this year, but investors should monitor whether future buying is funded primarily through balance-sheet decisions (including any further BTC sales) or through renewed access to capital markets. More broadly, the sustainability of corporate Bitcoin treasury expansion may increasingly depend on whether share pricing can recover toward—or at least not deeply undercut—BTC net asset values.

Coinbase has received regulatory approval in Abu Dhabi to provide investment arrangements and custody services through Abu Dhabi Global Market. The approval strengthens the company’s international expansion and establishes the emirate as its global base for tokenized securities outside the United States. The move also supports Coinbase’s broader strategy to expand regulated blockchain financial services across major international markets.

Coinbase Establishes Abu Dhabi Tokenization Hub

Coinbase secured a Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market. Consequently, the exchange can arrange investment deals and provide regulated custody services within the financial center. The approval creates a legal framework for its tokenized securities business.

The company selected Abu Dhabi as its international tokenization hub outside the United States. Therefore, Coinbase will build blockchain-based services for traditional financial assets from the emirate. The initiative supports the wider adoption of onchain capital markets under regulated conditions.

Coinbase plans to issue tokenized securities backed by underlying company shares through the FSRA framework. Each digital security will represent an actual share under approved prospectus terms. The structure allows regulated blockchain ownership while maintaining established financial standards.

Tokenized Securities Expand Regulated Digital Asset Services

Each tokenized security will carry rights linked to its underlying share according to the approved offering documents. Eligible holders can receive shareholder rights, including voting rights, when they satisfy the applicable conditions. Dividend payments will automatically be reinvested under the structure governing the digital securities.

The platform removes the need for traditional brokerage accounts and correspondent banking relationships. Instead, users will hold tokenized securities through compatible digital wallets. Meanwhile, every transfer will undergo sanctions screening under the applicable regulatory framework.

Coinbase also retains authority to freeze or seize digital assets whenever regulatory requirements demand such action. The company said the framework balances blockchain efficiency with compliance obligations. The approval strengthens Abu Dhabi’s position as a regulated center for digital financial services.

UAE Expansion Supports Broader International Growth

Coinbase continues expanding its operations across the United Arab Emirates beyond tokenized securities. At the same time, the company is building a derivatives business in Dubai. Together, both operations will focus on blockchain-based capital markets and regulated derivatives services.

The company stated that the UAE will host two of its largest international businesses outside the United States. Meanwhile, the Abu Dhabi operation will support tokenized securities while Dubai develops derivatives offerings. The combined strategy reflects growing demand for regulated digital asset infrastructure across global financial markets.

Coinbase is also preparing to launch futures, perpetual contracts, and options for professional participants in the United Kingdom. The planned offering will cover cryptocurrencies, stocks, commodities, and foreign exchange markets. More than 170 contracts will become available, while perpetual products will support continuous trading with leverage limits reaching 50x and dated futures offering leverage up to 20x.

The approval builds on Abu Dhabi’s efforts to attract digital asset companies through clear regulatory frameworks and dedicated financial infrastructure. ADGM has introduced digital asset regulations over recent years to support blockchain businesses seeking regulated international operations. Consequently, Coinbase joins several global firms expanding regulated services from the UAE as tokenized financial markets continue developing worldwide.

Russia’s central bank has drawn up a proposed shortlist of crypto assets that, if approved, could be eligible for trading on regulated platforms under the country’s newly enacted crypto framework. The regulator said the candidate assets include Bitcoin, Ether, and the stablecoin USDT.

The proposal is part of broader rules taking shape after President Vladimir Putin signed a law on Aug. 4 granting the Bank of Russia authority to decide which digital currencies may be admitted to “organized” trading and to set investor-access requirements. The central bank is now inviting public comments on the draft through Aug. 24.

Key takeaways

• The Bank of Russia’s draft list names Bitcoin, Ether, and Tether’s USDT as potential candidates for admission to organized exchange trading.
• Eligibility is tied to criteria such as market capitalization, average daily trading volume, and at least five years of price history on overseas markets.
• New access rules would cap purchases for non-qualified investors at 300,000 Russian rubles (about $3,650) per year per intermediary, while qualified investors face no such limit.
• All investors would need to complete a test and review crypto risk information before trading, regardless of their classification.
• The regulator is accepting comments on the proposal until Aug. 24, meaning the draft could change before final rules are set.

Draft eligibility list: what assets could be admitted

In a statement Tuesday, the Bank of Russia said it has compiled a proposed set of crypto assets that could be allowed for public trading on exchanges under the incoming regulatory regime. The announcement, published on the regulator’s website, also specified that the assets must satisfy a number of benchmark conditions.

According to the central bank, those conditions include a requirement tied to market capitalization, average daily trading volume, and at least five years of price history on international markets. By emphasizing both scale and long-running market data, the approach appears designed to narrow eligibility toward more established assets rather than newer tokens.

Among the named candidates are Bitcoin and Ether—two of the most liquid and widely traded cryptocurrencies globally—as well as USDT, a stablecoin issued by Tether. The inclusion of a major stablecoin signals that the regulator’s framework is not limited strictly to volatile coins, at least at the eligibility stage.

Why the new law changes the regulator’s role

The draft list does not stand alone; it follows a shift in Russia’s regulatory structure created by federal law that took effect after being signed by Putin on Aug. 4. That law gives the Bank of Russia the power to determine which crypto assets can enter organized trading and to create the operating rules for that process.

Earlier reporting from Cointelegraph noted that the core rules were set to take effect in 2026 as part of the new legal framework. With the central bank now moving to propose an asset list and investor rules, the practical implementation of that authority is beginning to take shape.

For market participants, the key implication is that not all tokens may be treated equally under the same umbrella. The regulator’s criteria—and the fact that eligibility is decided by the central bank—introduces an additional layer of compliance and potentially affects which assets exchanges can list for retail access.

Investor access rules: limits, “qualified” status, and risk testing

Beyond which assets could trade, the Bank of Russia’s proposal also addresses who can buy and how much. Under the draft rules, non-qualified investors would be limited to purchasing up to 300,000 rubles per year (about $3,650) of cryptocurrency through each intermediary. Intermediaries explicitly referenced include brokers, crypto exchange services, and asset managers.

Qualified investors, by contrast, would not face purchase limits for crypto assets traded on exchanges or through over-the-counter markets. The distinction between “qualified” and “non-qualified” investors matters because it shapes the effective scale at which different classes of customers can participate.

Importantly, the Bank of Russia said the framework requires a pre-trade step for everyone. “Before making transactions, all investors, regardless of their status, will have to pass a test and familiarize themselves with the risks of investing in crypto assets,” the central bank stated.

This requirement is designed to apply across the board, potentially limiting impulsive participation by ensuring buyers demonstrate awareness of crypto risk—while still allowing higher-volume activity for those who qualify.

Regulator rationale and what to watch next

The central bank said the restrictions are intended to protect non-qualified investors from sharp and unpredictable crypto price fluctuations. The logic is straightforward: if retail access is permitted, the regulator wants guardrails to reduce the likelihood of outsized losses among less experienced participants.

Russia’s draft also signals where the regulator’s focus may be during implementation. First, asset eligibility appears to rely on objective market metrics and longevity, which may constrain the range of tokens available for public exchange trading. Second, investor limits and required testing could reshape the economics of retail trading—especially if intermediaries must build compliance processes around classification and risk education.

The proposal remains open for public comment until Aug. 24, so investors and industry participants should watch for any changes to the eligibility criteria, the list of assets, or the specifics of the investor test and qualification thresholds.

For now, the central development is clear: Russia’s crypto market is moving toward a regulated structure where both the tradable universe and retail access conditions are determined by the Bank of Russia. The next key moment will be how the regulator responds to feedback and finalizes the framework ahead of full implementation of the new law.