Strategy Defends Bitcoin Sale, Sees 'Bullet-Proof Balance Sheet'

Strategy's CEO Phong Le has defended the company's decision to sell some of its Bitcoin stash, stating that it was done to strengthen the balance sheet. The move came after a 10-week pause in buying, during which time Strategy sold small amounts of its Bitcoin and built two cash reserves.

According to Le, Strategy now has a 'bullet-proof balance sheet', making the sale of Bitcoin a 'right trade at the time'. The company restarted its buying on Monday, and Le noted that Strategy is a net accumulator, not a decision-maker based on Bitcoin's price.

'We don't really make decisions specifically on bitcoin's price,' Le said. 'It comes down to a bit of a capital management mathematical equation of when we would do it.'

Strategy has been aggressively buying Bitcoin since 2020 and is now the largest corporate holder, with 845,050 Bitcoins worth $65.1 billion at today's prices.