Strategy Inc. CEO Defends Bitcoin Sale Amid 'Sell Low, Buy High' Criticism
Phong Le describes the sale of 7,000 BTC as a necessary move to cover dividends despite subsequent higher buy-in prices.
Strategy Inc. CEO Phong Le has defended the company's decision to sell a portion of its Bitcoin holdings shortly before resuming purchases at significantly higher prices. The move has drawn scrutiny from observers noting a departure from the firm's aggressive accumulation strategy.
According to company data and reports from The Block and Benzinga, Strategy Inc. sold approximately 7,000 BTC when prices ranged between $60,000 and $65,000. Following a 10-week pause in acquisitions, the company resumed buying, acquiring 4,603 BTC at an average price of $80,318. Le characterized the initial sale as "minuscule" and maintained it was "the right trade at the time."
Operational Liquidity vs. Market Timing
The company explained that the sale was not a bet against the asset's value, but a tactical move to manage operational liabilities. Specifically, the proceeds were used to cover preferred dividends during the period when the company had paused its buying activity. This highlights a tension between the "HODL" philosophy—holding assets regardless of volatility—and the practical capital costs associated with running a public company.
Institutional Implications
As a primary bellwether for institutional crypto adoption, Strategy Inc.'s treasury management provides a case study in how corporations balance volatile digital assets with fixed financial obligations. The CEO's defense suggests that for large-scale institutional holders, immediate liquidity needs and the cost of capital can override simple price-action strategies. This indicates that corporate Bitcoin treasuries may not always act as passive vaults, but as active tools for liquidity management.
Future Outlook
Despite the temporary divestment, Le remains bullish on the asset's trajectory, predicting that Bitcoin could eventually reach $260,000. The company also claims to have amassed more "Total Reserve Capital" than any other S&P 500 financial-services company, with the exception of Berkshire Hathaway Inc. Investors will likely watch whether Strategy Inc. continues to prioritize dividend obligations over strict accumulation as the market fluctuates.