Strategy CEO Defends Selling Bitcoin at $60,000 Before Buying Back at $80,000

Strategy CEO Phong Le defended the company’s decision to sell roughly 7,000 bitcoin at $60,000 to $65,000 before resuming purchases near $80,000, saying the move was about managing capital costs rather than timing the market. He said selling bitcoin to fund the company’s Stretch dividends made sense at the time, just as selling MSTR shares at a premium to buy more bitcoin makes sense now.

Balance Sheet Cleanup During Buying Pause

Strategy halted bitcoin purchases for about 10 weeks while strengthening its finances, cutting net debt from roughly $7 billion to zero and building up around $7 billion in cash reserves.

Strategy Resumes Buying, Holdings Near 845,000 BTC

Last week, the company bought 4,603 BTC for about $369.7 million at an average price of $80,318, pushing total holdings to 845,050 BTC, worth roughly $65 billion. Le described Strategy as a “net accumulator” now operating a “two-way strategy,” selling bitcoin when needed while continuing to grow overall holdings. The shares sold represented less than 1% of total holdings, with the company still up about 30% in bitcoin holdings this year.

Analysts Adjust Price Targets

Le indicated the firm could keep buying at $90,000, $100,000, or even $130,000 if the economics remain favorable. Separately, Bernstein analysts kept an Outperform rating on Strategy but lowered their price target to $350 from $450, while still projecting bitcoin could reach $150,000 by mid-2027. Bitcoin traded near $77,000 early Wednesday, down about 1.1% over the past day.