Strategy CEO Phong Le defended the company’s decision to sell roughly 7,000 BTC in the $60,000 to $65,000 range before resuming purchases near $80,000. Le said the transactions were driven by capital economics rather than an attempt to time Bitcoin, making balance-sheet efficiency the core logic behind Strategy’s controversial sell-and-rebuy sequence.
Le said the earlier sales helped fund preferred dividends while Strategy strengthened its financial position. Over roughly two months, the company reduced net debt from about $7 billion to zero and built approximately $7 billion in dollar reserves. According to Le, selling Bitcoin was the right trade when liquidity needs outweighed the economics of issuing equity.
Strategy has since returned to buying BTC and remains a net accumulator, but Le described the approach as a two-way strategy rather than a strict no-sale policy. He said the company can sell Bitcoin when financially justified and buy at higher prices if capital conditions support it, leaving cost of capital, not Bitcoin’s nominal price, as the decisive treasury metric.
Source: Phong Le interview on Bloomberg Television.
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