Strategy CEO Defends Bitcoin Sell-Off, Says Buying Resumed at $80,000

Strategy CEO Phong Le defended the company's decision to sell around 7,000 BTC at $60,000-$65,000 before resuming purchases at around $80,000. According to Le, the trades were driven by capital costs rather than Bitcoin's price.

The company sold the coins to fund its 'Stretch dividends,' Le explained in a Bloomberg TV interview on Tuesday. Strategy had paused buying for about 10 weeks while it shored up its balance sheet, reducing net debt from around $7 billion to zero and building about $7 billion in cash reserves.

Strategy has now repurchased BTC, buying 4,603 coins at an average price of $80,318 last week. This brings the company's total holdings to 845,050 BTC, worth approximately $65 billion at current prices.