Strategy CEO defends selling BTC at $60K, buying at $80K

Strategy CEO Phong Le defended the company’s decision to sell Bitcoin near $60,000 before resuming purchases around $80,000, arguing that its treasury trades depend on capital costs rather than Bitcoin’s market price.

Speaking on Bloomberg Crypto on Sept. 1, Le said the earlier sales and the latest purchase were both appropriate because Strategy’s financing conditions had changed between the transactions.

Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30 at an average price of $80,318, according to an Aug. 31 regulatory filing.

The purchase lifted its holdings to 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin.

Strategy links Bitcoin trades to capital costs

Le said Strategy does not decide whether to buy or sell Bitcoin solely by comparing the cryptocurrency’s current price with past levels.

Instead, management considers the cost of raising capital and the return it expects from deploying that capital. If Strategy can issue common shares at a premium to the value of its assets, it may use the proceeds to buy Bitcoin while increasing Bitcoin exposure on a per-share basis.

“We don’t buy or sell Bitcoin based on the price of Bitcoin,” Le said. “We buy or sell based on our cost of capital.”

The position explains why Strategy considered selling Bitcoin between approximately $60,000 and $65,000 reasonable while later paying more than $80,000. The transactions occurred under different balance sheet and financing conditions.

Le said issuing MSTR shares had become attractive again because the stock was trading at a premium. Strategy sold approximately $602.8 million of common shares during the week that ended Aug. 30, using part of the proceeds for its Bitcoin purchase.

The company also increased its general USD Cash pool by $29 million and spent approximately $152 million repurchasing STRC preferred shares below their $100 stated amount.

Strategy’s return to Bitcoin purchases after a two-month pause was therefore part of a broader capital allocation decision rather than a directional call that Bitcoin would rise from $80,000.

Bitcoin sales funded financial obligations

Le said Strategy sold roughly 7,000 BTC during its balance sheet restructuring, describing the amount as “minuscule” relative to its total holdings.

Strategy’s public Bitcoin ledger records sales of 2,225 BTC in early July, 1,638 BTC in early August and 1,690 BTC the following week. Those three disclosed reductions total 5,553 BTC.

The company had also reported selling approximately $218.4 million of Bitcoin earlier in 2026 to fund part of its preferred dividend obligations. Le’s interview figure appears to describe the broader period in rounded terms.

Le said selling Bitcoin to pay preferred dividends was “the right trade at the time.” Strategy had already committed to regular payments on its preferred securities and needed dollar liquidity to meet those obligations without relying entirely on new financing.

The sales represented a departure from Strategy’s earlier reputation as a company that only accumulated Bitcoin. Its board formally authorized a Bitcoin monetization program in June, allowing management to sell BTC to finance its dollar reserve, pay dividends and interest, repurchase securities or meet other approved obligations.

The policy permits up to $1.25 billion in Bitcoin sales to build the designated USD Reserve. It does not require Strategy to sell that amount.

Strategy’s first disclosed sale under its evolving treasury policy marked a transition toward active management of its Bitcoin holdings, rather than an abandonment of its accumulation strategy.

Strategy says net leverage has fallen to zero

Le said Strategy used the pause in Bitcoin purchases to strengthen its balance sheet. Over roughly two months, it increased dollar assets while reducing its net exposure to convertible debt.

The company reported $6.71 billion in USD assets as of Aug. 30. That amount comprised cash and other dollar-denominated holdings allocated across its designated reserve and general corporate liquidity.

Its convertible debt stood at approximately $6.75 billion. Strategy therefore reported net leverage of 0.0% because its company-defined calculation subtracts dollar assets from outstanding debt before comparing the balance with its Bitcoin reserve.

Net leverage of 0.0% does not mean Strategy has eliminated its legal debt or preferred stock obligations. The company continues to have convertible notes outstanding and must make preferred dividend payments.

The metric instead shows that its dollar assets nearly offset the principal value of its convertible debt. The calculation does not subtract all preferred stock claims.

Le described the balance sheet as a “fortress,” arguing that Strategy has no meaningful Bitcoin liquidation price under its current structure. The company’s debt is not secured directly by its Bitcoin in a way that would automatically force sales when BTC falls to a stated level.

That claim does not mean a prolonged Bitcoin decline would have no financial effect. Lower Bitcoin prices could reduce Strategy’s asset value, weaken its ability to issue shares at attractive prices and increase pressure from preferred dividends and other obligations.

Strategy adopts a two-way Bitcoin policy

Le said Strategy now operates a “two-way strategy.” It may sell Bitcoin when doing so improves its capital structure, even though it intends to remain a net accumulator over time.

The framework makes Bitcoin one component of Strategy’s financing system rather than an asset that can never be sold. Management can compare BTC sales with common equity issuance, preferred offerings, repurchases and cash usage.

Strategy’s June framework explains that common stock issuance can be accretive when MSTR trades above the company’s adjusted net asset value. Issuing shares below that level can dilute Bitcoin exposure per share.

Le said Strategy could continue purchasing Bitcoin at $90,000, $100,000 or $130,000 if the cost of capital makes those purchases attractive. Those levels were examples, not forecasts or confirmed purchase orders.

The company would also consider selling Bitcoin again if the proceeds were more valuable elsewhere in its capital structure. Le said price alone would not determine such a decision.

Strategy’s Aug. 31 purchase confirms that it has returned to accumulation after its restructuring period. It now controls slightly more than 4% of Bitcoin’s maximum 21 million supply.

The next update will depend on Strategy’s weekly capital markets activity. Further MSTR issuance at a premium could finance additional Bitcoin purchases, while weak equity demand or higher financing costs could slow accumulation or make another sale more economical.

Meanwhile, Le’s central argument was that the apparent contradiction between selling near $60,000 and buying near $80,000 disappears when the transactions are viewed through Strategy’s cost of capital.

The Bitcoin sales supplied dollars for preferred obligations and balance sheet restructuring. The later purchase used proceeds from common shares issued when management believed MSTR’s market premium made the transaction accretive.

Le said Strategy had strengthened its dollar position, reduced net leverage and retained flexibility to transact in both directions. He maintained that the company remains a long-term net buyer, but no longer treats Bitcoin sales as prohibited.

He also said future purchases could occur at much higher Bitcoin prices if Strategy can obtain capital on sufficiently attractive terms. The comments described a conditional financing framework rather than a Bitcoin price prediction.