Strategy CEO defends selling BTC at $60K, buying at $80K

Strategy CEO Phong Le defended the company’s decision to sell Bitcoin near $60,000 before resuming purchases around $80,000, arguing that its treasury trades depend on capital costs rather than Bitcoin’s market price. Summary Strategy bought 4,603 Bitcoin for $369.7 million at an average price of $80,318 last week. Phong Le said capital costs, rather than Bitcoin’s market price, determine Strategy’s treasury transaction decisions. Strategy’s latest filing showed 845,050 Bitcoin acquired for an aggregate $63.73 billion through August 30. Dollar assets reached $6.71 billion, nearly matching convertible debt and reducing reported net leverage completely. Le said Strategy remains a net Bitcoin accumulator despite adopting a formal two-way treasury strategy. Speaking on Bloomberg Crypto on Sept. 1, Le said the earlier sales and the latest purchase were both appropriate because Strategy’s financing conditions had changed between the transactions. Strategy purchased 4,603 BTC for $369.7 million between Aug. 24 and Aug. 30 at an average price of $80,318, according to an Aug. 31 regulatory filing. The purchase lifted its holdings to 845,050 BTC, acquired for approximately $63.73 billion at ...