Strategy CEO Explains Bitcoin Sales Near $60K as Company Resumes Accumulation Above $80K

Strategy CEO Phong Le defended the company’s decision to sell Bitcoin in the $60,000 range before re-entering the market at higher levels, emphasizing that the firm’s cryptocurrency transactions are driven by financing economics rather than Bitcoin’s spot price.

Le told Bloomberg TV on Tuesday that selling Bitcoin to cover dividends on Strategy’s preferred stock was the appropriate transaction at the time. He explained that the company currently sees highly favorable economics in issuing MSTR shares at a premium and using the proceeds to acquire more Bitcoin.

Balance-Sheet Overhaul Preceded Renewed Bitcoin Buying

Strategy paused its Bitcoin purchases for approximately 10 weeks to strengthen its balance sheet. According to Le, the company successfully reduced its net debt to zero from roughly $7 billion and accumulated about $7 billion in cash reserves during this period.

The company sold around 7,000 BTC during the pause, when Bitcoin was trading between $60,000 and $65,000. Le noted that these disposals represented less than 1% of Strategy’s overall Bitcoin position, while the company’s total holdings have grown by about 30% this year.

Strategy resumed its Bitcoin accumulation last week, purchasing 4,603 BTC for approximately $369.7 million at an average price of $80,318. This latest acquisition brought the company’s total holdings to 845,050 BTC, valued at roughly $65 billion at current market prices.

Le described Strategy as a net accumulator of Bitcoin, but clarified that the company’s strategy allows for transactions in both directions when financial conditions warrant. He stated that even significantly higher Bitcoin prices would not necessarily halt purchases, citing $90,000, $100,000, and $130,000 as levels where buying could still make financial sense depending on capital raising economics.

Bernstein Keeps Outperform Rating, Lowers Strategy Target

Strategy’s renewed accumulation occurs as analysts reassess the company’s share outlook. Bernstein analysts maintained an “Outperform” rating on Strategy last week but lowered their price target to $350 from $450. The analysts also projected Bitcoin reaching $150,000 by mid-2027.

Bitcoin was trading near $77,000 early Wednesday, down about 1.1% over the past 24 hours, according to CoinGecko. Strategy shares closed Tuesday at $124.88, representing a 6.1% decline for the session.

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