Strategy Reveals Why it Sold Bitcoin Before Buying Back Higher

Financing Logic, Not Price Signals

Strategy (@MicroStrategy) CEO Phong Le (@phongle) used a Bloomberg TV appearance to address what may look, on the surface, like a contradictory trade: selling $BTC near $60,000 to $65,000 and then buying it back at roughly $80,000.

His explanation was straightforward. Phong Le said capital costs, rather than Bitcoin's market price, determine Strategy's treasury transaction decisions. The firm sold roughly 7,000 Bitcoin during a period when financing conditions made that the economically rational move. Once those conditions shifted, purchases resumed. Le described it as simply "the right trade at the time."

The decision to sell was tied in part to preferred dividend obligations. Strategy had already committed to regular payments on its preferred securities and needed dollar liquidity to meet those obligations without relying entirely on new financing. The firm's board formally authorised a Bitcoin monetisation program, giving management the ability to sell $BTC to fund its dollar reserve, pay dividends and interest, or meet other approved obligations.

A Net Accumulator With a Rebuilt Balance Sheet

Despite the sales, Le was clear that Strategy's long-term posture has not changed. Strategy remains a net Bitcoin accumulator despite adopting a formal two-way treasury strategy. The numbers back that up. Strategy has bought roughly 175,000 BTC in 2026 against approximately 7,000 sold, a 25-to-1 buy-to-sell ratio.

The balance sheet has also been substantially strengthened. Strategy now holds approximately $72 billion in total assets, consisting of around $65 billion in Bitcoin and $7 billion in USD reserves. Net debt, which stood at roughly $7 billion earlier in the year, has been reduced to zero over the same period.

On future purchases, Le made clear that price alone will not be the deciding factor. He said Strategy could continue buying at $90,000, $100,000, or even $130,000 if the financing economics support it. Strategy's latest approach marks a shift toward more actively managing the balance sheet to maximise Bitcoin per share value, rather than passively accumulating at any cost.

Sources:
CNBC: Strategy breaks from 'never sell' approach to Bitcoin
Bitcoin.com News: Strategy CEO: Firm Will Resume Bitcoin Buying Later This Year
Crypto Times: Phong Le Discusses Strategy's Return To Buy Bitcoin