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. Le said the earlier sales and the latest purchase were both appropriate because Strategy’s financing conditions had changed between the transactions. The comments came on Sept. 1, following a regulatory filing showing Strategy bought 4,603 BTC for $369.7 million at an average price of $80,318, lifting its holdings to 845,050 BTC. Capital Cost, Not Price, Drives Treasury Trades 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. Latest Purchase Lifts Holdings to 845,050 BTC 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. The filing also showed the company’s capital actions around the same period. 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. Why the $60k Sale and $80k Buy Draw Scrutiny The sequence has drawn attention because the later purchase occurred at a higher price than the earlier sale range. Le’s explanation places the focus on financing conditions rather than spot-price timing, a framework that can make a sale and a higher-priced purchase appear rational when the cost of capital changes. The company’s average cost of $75,412 per coin remains below the latest purchase price, while the sale range near $60,000 sits below both levels. The disclosure placed renewed focus on how public companies justify Bitcoin purchases and sales through capital markets rather than conventional trading logic. Reported Window Strategy Action Price or Amount Treasury or Balance Sheet Effect Aug. 24-Aug. 30 Purchased 4,603 BTC $369.7 million at $80,318 average Holdings rose to 845,050 BTC Week ended Aug. 30 Sold common shares $602.8 million Funded part of Bitcoin purchase Same period Repurchased STRC preferred shares $152 million Reduced preferred exposure below $100 stated amount Same period Increased USD Cash pool $29 million Added liquidity to general cash Regulatory Filing Anchors the Disclosure The Aug. 31 regulatory filing provided the transaction details that anchored the discussion, showing how Bitcoin purchases can be tied to share issuance and preferred repurchases. The filing did not present the trades as a forecast of Bitcoin’s price, but as actions taken under the company’s capital allocation rules. The episode also highlights the growing overlap between corporate treasury management and crypto market structure. Strategy’s Bitcoin position is now reported alongside common equity sales, preferred share repurchases, and cash pool changes, giving investors a more complete view of how the company funds its digital asset exposure. Why Did Strategy Sell Bitcoin Near $60k and Buy Near $80k? Strategy CEO Phong Le said the company does not base Bitcoin purchases or sales solely on Bitcoin’s price. The earlier sale range and later purchase occurred under different balance sheet and financing conditions, including changes in the cost of capital. What Did Phong Le Say About Strategy’s Bitcoin Trading Rule? Le said, “We don’t buy or sell Bitcoin based on the price of Bitcoin,” and added, “We buy or sell based on our cost of capital.” He framed the company’s treasury actions as capital allocation decisions rather than price timing. How Many Bitcoin Does Strategy Hold After the Latest Purchase? Strategy purchased 4,603 BTC for $369.7 million at an average price of $80,318 between Aug. 24 and Aug. 30. The purchase lifted its holdings to 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin. What Capital Actions Accompanied Strategy’s Latest Bitcoin Purchase? Strategy sold approximately $602.8 million of common shares during the week that ended Aug. 30, using part of the proceeds for the 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. Why Does Strategy’s Cost of Capital Matter for Bitcoin Treasury Decisions? Le said management considers the cost of raising capital and the expected return 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.