Strategy Abandons BTC Sales as Bull Market Looms

Strategy CEO Phong Le says his company is likely to continue accumulating Bitcoin (BTC) in the face of what he believes is an incoming 'pretty heavy bull market'.

The firm has just purchased 4,603 BTC for $369 million after a 10-week buying pause and will not sell any more of its holdings at current prices. Le predicts that Strategy will continue to buy Bitcoin even if it rises to $130K.

This acquisition comes on the heels of a strong resurgence in Bitcoin's price, with August seeing the largest weekly surge since 2023. Le defended Strategy's decision to sell some of its BTC holdings earlier this year, stating that it was the right trade at the time due to 'legal obligations' and to shore up the company's balance sheet.