Strategy CEO Phong Le says the company has no regrets about offloading roughly 7,000 Bitcoin near $60,000 last year, even though it later resumed buying the cryptocurrency at prices above $80,000. According to Le, the move was dictated by the firm's cost of capital rather than any bet on where Bitcoin's price was heading.
Why Strategy Sold Low and Bought High
Le framed the decision as a strategic financial calculation instead of a market-timing error. The nearly 7,000 BTC sale, executed while Bitcoin traded around $60,000, was tied to the economics of how Strategy raises money to fund its acquisitions.
The company, formerly known as MicroStrategy, has built the largest corporate Bitcoin treasury in the world through a combination of equity and debt offerings. When the cost of that capital shifts, so does the math behind buying and holding the asset.
"It was the right trade," Le said, insisting the sale served the company's long-term interests despite the optics.
Rather than viewing the transaction through the lens of Bitcoin's spot price, Le emphasized that the sale reflected disciplined capital management. Selling at a lower price and repurchasing higher may look counterintuitive, but the executive argued it aligned with the firm's broader financing strategy.
Cost of Capital Over Price Predictions
The core of Le's argument rests on the idea that Strategy's decisions are governed by how efficiently it can access funding. When capital costs made accumulation less favorable, the company adjusted its position accordingly.
Once conditions changed, Strategy resumed its buying spree, acquiring Bitcoin at prices north of $80,000. The pattern underscores the company's willingness to prioritize financial discipline over short-term price movements.
Key takeaways from Le's comments:
- The roughly 7,000 BTC sale near $60,000 was driven by cost of capital, not price forecasts.
- Strategy resumed purchases above $80,000 once conditions improved.
- The CEO maintains the transaction was the correct decision for the firm.
Strategy remains one of the most closely watched corporate holders of Bitcoin, and Le's remarks offer a window into how the company navigates its aggressive accumulation strategy through changing market and financing environments.