Strategy · Bloomberg · Bitcoin · Bitcoin Magazine
Strategy CEO Defends Bitcoin Sale as the ‘Right Trade’
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Strategy CEO has reassured investors that the company has only sold a "miniscule" amount of its bitcoin.
Key facts
- In the company’s quarterly earnings in July, Strategy posted a $8.22 billion loss
- Strategy stock (NASDAQ: MSTR) was trading 2% lower on Wednesday
- We’re the J.P. Morgan of the crypto economy, so whether we sell 1,000 Bitcoin out of 840,000 to me is irrelevant to the conversation,” Le said
- Strategy, the largest corporate holder of bitcoin, restarted its buying the cryptocurrency on Monday after a 10-week pause
Summary
The CEO of bitcoin treasury Strategy brushed off concerns investors may have about the company selling some of its stash, instead telling reporters that the move was to strengthen its balance sheet. Speaking to Bloomberg on Tuesday, Phong Le said that the company now has a “bullet-proof balance sheet” and it was the “right trade at the time” to sell bitcoin when it did. Strategy, the largest corporate holder of bitcoin, restarted its buying the cryptocurrency on Monday after a 10-week pause. “We don’t make decisions specifically on bitcoin’s price,” Le said.