Bitcoin between contrasting corporate capital paths lit in gold and blue

Strategy CEO Defends Selling Bitcoin Near $62,000 Before Buying Back Above $80,000

By Isaac • September 2, 2026 3:12 pm • Comments

Strategy sold Bitcoin near $62,000 this summer and bought thousands of coins back above $80,000. CEO Phong Le says that was not a failed market-timing trade.

It was balance-sheet management.

Decrypt reported that Strategy sold 6,916 BTC in four tranches from late June through mid-August at a weighted average price of roughly $62,200. The company then returned to the market last week, buying 4,603 BTC at an average price of $80,318.

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On the surface, the sequence looks like the kind of sell-low, buy-high move investors spend their careers trying to avoid. Le’s explanation is that Bitcoin’s market price was never the deciding variable.

Strategy sold coins when issuing new equity was relatively expensive and it needed cash to support obligations tied to STRC, its variable-rate perpetual preferred stock. After strengthening its dollar reserves and reducing net debt, the company again had room to sell MSTR shares at a premium and use the proceeds to buy Bitcoin.

The numbers show why the company views the decision through a financing lens. According to Strategy’s official August 31 announcement, it spent $369.7 million on the latest 4,603-BTC purchase, lifted total holdings to 845,050 BTC, increased its U.S. dollar reserve to $1.61 billion, and repurchased $152 million of STRC.

That package is more revealing than the purchase price alone. Strategy is trying to manage Bitcoin, common stock, preferred securities, debt and cash as parts of one capital structure.

In that framework, selling a small slice of Bitcoin can make sense if it prevents the company from raising money on worse terms elsewhere.

The approach also marks a real change in messaging. Strategy once presented itself as a relentless accumulator.

It now describes a two-way capital strategy in which Bitcoin can be both acquired and sold, even though the company intends to remain a net buyer over time.

Le said the summer sale represented less than 1% of Strategy’s Bitcoin holdings. That context matters: this was not an exit from the thesis.

It was a relatively small disposal by the world’s largest corporate Bitcoin holder while management rebuilt liquidity.

The risk has not disappeared. A company that links several layers of securities to a volatile reserve asset still depends on market access, investor appetite and disciplined execution. Selling low and buying high can be rational when financing conditions change, but it is still costly in Bitcoin terms.

For shareholders, the useful question is no longer whether Strategy will ever sell Bitcoin. Management has answered that.

The question is whether its two-way system can keep increasing Bitcoin per share while protecting the cash and financing base that makes those purchases possible.

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