TL;DR:
- Strategy sold 32 BTC for around $2.5 million as a test operation, triggering market panic and pushing Bitcoin below $60,000.
- CEO Phong Le said institutional investors were not unsettled by the sale, but the retail community and “crypto-anarchists” were.
- Strategy’s paper losses on its BTC holdings climbed to $11 billion following a 22% drop in its share price.
Phong Le, CEO of Strategy, publicly defended the company’s decision to sell a small portion of its Bitcoin holdings and dismissed the criticism that followed the operation. In an interview with CNBC aired on Wednesday, Le argued that the sale of 32 BTC —equivalent to $2.5 million— was designed to “test” the firm’s internal processes, and that they will continue selling if it “makes sense” for their common shareholders.
The executive was clear about identifying the source of the discomfort: not institutional investors, but what he defined as the retail community and the “crypto-anarchists.” “The institutional shareholders we spoke with don’t seem disturbed by this“, Le stated. “The disturbance comes from the retail community that believes in never selling your Bitcoin, the crypto-anarchists. Frankly, we have many more constituents than just them.”
"We're the largest holder of Bitcoin in the world. We're the largest purchaser of Bitcoin in the world. And we'll continue to be". Watch my conversation with @CNBC @PowerLunch below.
00:00 — "We're net purchasers of Bitcoin." The 32 BTC sale helped inoculate the market, test our… pic.twitter.com/aHlcNincNU
— Phong Le (@phongle) June 10, 2026
The Operation That Shook the Market
The operation had an immediate effect on the market. Bitcoin fell below $60,000 and Strategy’s shares plunged 22%. The company’s paper losses on its BTC position reached $11 billion.
The impact was amplified by context. Crypto-native trading firm Wintermute noted in its market report that retail investors were selling their cryptocurrency positions to rotate into equities, while U.S. institutions quietly adopted a bearish stance. The disclosure of the sale removed the last argument sustaining the bulls.
Strategy Reaffirms its Role as the Largest BTC Buyer
Despite the turbulence, Le reiterated Strategy’s commitment to Bitcoin as a hedge against inflation and “big government.” “We are the largest holder of Bitcoin in the world. We are the largest buyer of Bitcoin in the world. And we will continue to be,” he declared on his X account.
The firm resumed its buying program this week, though the recovery was not immediate. It is worth noting that Michael Saylor, founder and chairman of Strategy, had stated in February that the company would not sell Bitcoin even if the price dropped to $8,000 — a declaration that the June operation contradicts in practice, even if only partially.
