Strategy CEO Defends Bitcoin Sales Near $60K as Firm Resumes Buying Above $80K

Strategy CEO Phong Le said the company was justified in unloading Bitcoin in the $60,000 range before later re-entering the market at higher levels, arguing that its cryptocurrency transactions depend on financing economics rather than Bitcoin’s spot price.

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

Balance-Sheet Overhaul Preceded Renewed Bitcoin Buying

Strategy suspended Bitcoin purchases for about 10 weeks as it strengthened its finances. According to Le, the company brought net debt down to zero from roughly $7 billion and accumulated about $7 billion in cash reserves during that period.

The company sold roughly 7,000 BTC while purchases were paused, with Bitcoin changing hands around $60,000 to $65,000. Le said those disposals amounted to less than 1% of Strategy’s Bitcoin position, while its holdings have grown by about 30% this year.

Strategy returned to the market last week, spending about $369.7 million on 4,603 BTC at an average price of $80,318. The acquisition increased its total holdings to 845,050 BTC, valued at roughly $65 billion at current prices.

Le described Strategy as a net accumulator of Bitcoin but said the company’s approach allows transactions in both directions when financial conditions warrant. He said even substantially higher Bitcoin prices would not necessarily stop Strategy from buying, citing $90,000, $100,000 and $130,000 as levels at which purchases could still make financial sense depending on the economics of raising capital.

Bernstein Keeps Outperform Rating, Lowers Strategy Target

Strategy’s renewed Bitcoin accumulation comes as analysts reassess the outlook for the company’s shares. Bernstein analysts maintained an “Outperform” rating on Strategy last week while reducing their price target to $350 from $450. The analysts also forecast 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 finished Tuesday at $124.88, a decline of 6.1% for the session.