Strategy Unveils Its Bitcoin Buying Strategy

Strategy's CEO Phong Le explained why his company sold Bitcoin at $60K and bought it back at $80K, defying what some might consider a 'worst trade'.

The firm sold around 7,000 BTC in the range of $60,000 to $65,000 this summer but then purchased 4,603 coins at an average price of $80,318 between August 24 and August 30.

Le claimed that selling Bitcoin was 'the right trade at the time' as it funded some of Strategy's preferred dividends without diluting shareholders with cheap share issuance.

The company's net debt fell from around $7 billion to zero during this period, while its cash reserves reached approximately $7 billion, making Le argue that they could never be forced sellers due to their balance sheet.