Strategy CEO Defends Bitcoin Sale at $60K Despite Buying Back Above $80K

Phong Le, the CEO of Strategy, is defending a controversial decision to liquidate a significant portion of the company's Bitcoin holdings before the asset's recent price surge. The move marks a rare instance of a corporate treasury actively trading the asset rather than adhering to a strict long-term holding strategy.

According to reports, Strategy sold approximately 7,000 BTC when the price was hovering between $60,000 and $65,000 per coin. Despite the subsequent rally, the firm later resumed its Bitcoin purchases at prices exceeding $80,000. While the timing appears suboptimal from a pure price-action perspective, Le has remained steadfast, describing the decision as "the right trade."

The Cost of Capital

Le clarified that the decision to sell was not an attempt to time the market or a prediction regarding Bitcoin's price direction. Instead, the move was driven by the company's internal cost of capital. In corporate finance, the cost of capital represents the return a company must earn on its projects to justify the cost of its funding. For Strategy, the immediate financial requirements and the cost of maintaining those positions outweighed the potential for future appreciation at that specific moment.

A Shift in Corporate Treasury Logic

This approach highlights a growing tension within corporate Bitcoin treasuries. While many institutional adopters have adopted a "maximalist" or "HODL" mentality—buying the asset and holding it indefinitely regardless of volatility—Strategy is demonstrating a more active management style. By prioritizing internal financial metrics and liquidity needs over asset appreciation, the firm is treating Bitcoin as a dynamic part of a broader balance sheet rather than a static reserve asset.

Industry Implications

This case provides a blueprint for other institutional players who may need to balance the volatility of digital assets with the rigid demands of corporate solvency and capital efficiency. It suggests that for some firms, maintaining financial health and managing the cost of capital take precedence over the risk of "selling low and buying high."

What to Watch

As more companies integrate volatile digital assets into their treasuries, the industry will be watching whether Strategy's active management leads to better long-term stability or increased slippage. It remains to be seen if other corporate treasuries will move away from passive holding in favor of Le's capital-cost-driven model.