Strategy Defends Bitcoin Sale as Capital Move

Strategy Chief Executive Phong Le said the company has no regrets about selling nearly 7,000 bitcoin at roughly $60,000 before buying back at higher levels, arguing that the decision reflected financing conditions rather than a view on where bitcoin was headed.

Le said Strategy’s cost of capital was the key factor. In his telling, the company acted to preserve financial flexibility and optimize capital allocation, even if that meant stepping away from bitcoin exposure before re-entering above $80,000.

The comments underscore how Strategy continues to treat bitcoin as both a treasury reserve asset and a capital markets instrument. That approach has made the company one of the most closely watched corporate holders of bitcoin, with every balance-sheet move scrutinized for clues about institutional conviction and liquidity management.

The sale and later repurchase also highlight a broader reality in digital-asset treasury strategy: timing matters less than funding costs when a company is managing leverage, dilution risk and access to capital. For Strategy, the trade appears to have been framed as a cost-of-capital decision, not a directional bet on short-term price action.

Investors often read such moves as a signal of confidence or caution. In this case, Le’s remarks suggest the company is prioritizing capital efficiency over perfect price execution, even if that means buying back at a higher level after reducing exposure earlier.