Strategy Defends Bitcoin Sale as Minuscule, Eyes Bull Market Accumulation
Strategy Inc., a financial services company listed on NASDAQ under the ticker MSTR, sold approximately 7,000 Bitcoin near market lows. CEO Phong Le defended this decision in an interview with Bloomberg Crypto, calling it 'minuscule'.
According to Le, Strategy's sale of BTC was not driven by its price but rather by the company's cost of capital and balance-sheet management. The amount sold represented less than 1% of Strategy's overall Bitcoin holdings, which have increased by around 30% this year.
Le highlighted that Strategy has shifted from a 'one-way accumulator' to a more flexible two-way approach, enabling it to trade Bitcoin, common stock, and preferred securities based on market conditions and financing costs. He emphasized that the company remains a net Bitcoin buyer and expects to continue accumulating through a bull market.
Strategy's balance sheet has strengthened significantly over the past two months, with assets jumping 34% to around $72 billion while cutting net debt from $7 billion to zero. Le stated that Strategy will be buying BTC at various price points, including $80,000, $90,000, and $100,000.