Strategy CEO Defends Bitcoin Buy-Sell Decisions Based on Capital Costs

Strategy CEO Phong Le has defended the company's seemingly contradictory Bitcoin transactions, explaining that selling the cryptocurrency near $60,000 and later buying it at approximately $80,000 were both financially sound decisions based on the company's cost of capital, not on predicting Bitcoin's price movements. In a Bloomberg interview on September 1, Le outlined a "two-way" treasury strategy that marks a shift for the firm, which was previously known for only accumulating Bitcoin. The company's latest regulatory filing shows Strategy purchased 4,603 Bitcoin for $369.7 million between August 24 and August 30, at an average price of $80,318. This purchase brought its total holdings to 845,050 Bitcoin, acquired for approximately $63.73 billion. This buying spree followed a two-month pause during which the company restructured its balance sheet. Le stated that the earlier sales, which included roughly 7,000 Bitcoin sold earlier in 2026, were necessary to fund preferred dividend obligations and strengthen the company's financial position. Le emphasized that Strategy does not make treasury decisions by comparing Bitcoin's current price to its past levels.