'The Right Trade': Strategy CEO Has No Regrets Selling Bitcoin at $60K Before Buying Back Higher
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Strategy CEO Phong Le has no regrets about selling Bitcoin near $60,000, only to buy it back at a higher price weeks later.
Key facts
- Strategy sold 6,916 BTC in four tranches from late June through mid-August at a weighted-average price of about $62,200, then bought 4,603 BTC last week at an average price of $80,318, according
- The company bought 4,603 BTC for $369.7 million in the week ending Aug. 30, paying an average of $80,318 per coin, according to an Aug. 31 regulatory filing
- During the two-month pause in purchases, Strategy increased its assets to $72 billion—$65 billion in Bitcoin and about $7 billion in dollar reserves—and reduced net debt from roughly $7 billion
- Le said the sale attracted outsized attention despite representing less than 1% of Strategy’s Bitcoin holdings, which have increased by 25% to 30% this year
Summary
Strategy sold 6,948 BTC this summer before buying 4,603 BTC at an average price of $80,318. CEO Phong Le said both moves were “the right trade” when they occurred. The company now calls itself a “two-way capital management company,” though it remains a net Bitcoin buyer. Crypto on Wednesday, Le said the apparent “sell low, buy high” trade reflected changes in the company’s balance sheet and financing costs—not a bet on Bitcoin’s price.