Strategy CEO says $62.5K BTC sale and $80.3K rebuy were both justified

Strategy CEO Phong Le said the company’s decision to sell Bitcoin in the low-$60,000 range and repurchase it in the low-$80,000 range were both the right calls at the time, according to Wu Blockchain, which cited a Bloomberg TV interview. Le said Strategy bases its Bitcoin trading decisions on funding costs rather than BTC’s price itself. Selling about 7,000 BTC to fund preferred stock dividends was the right trade at the time, Le said, adding the company cut net debt to zero from about $7 billion over the past two months and built its U.S. dollar reserves to about $7 billion. With MSTR trading at a premium, Le said, selling shares to fund additional BTC purchases now makes financial sense. He added Strategy could sell BTC again if it is financially justified, while maintaining a net-buying stance and continuing to buy even at higher prices if the economics work. Earlier, Strategy sold about 6,916 BTC at an average price of $62,500 from June 22 through early August, then bought back 4,603 BTC last week at an average price of $80,318.