Strategy CEO defends $60K Bitcoin sale, $80K repurchase amid $7B debt reduction

Capital allocation and Bitcoin sales

Le clarified that the sale of 7,000 BTC, which accounted for less than 1% of Strategy’s total Bitcoin holdings, was intended to provide funding for preferred dividends. He identified this as a practical choice, stating the action reflected “the right trade at the time,” based strictly on the company’s balance sheet requirements.

He compared the process to companies financing significant infrastructure projects through asset allocation, noting that the motivation for the sale came from internal requirements rather than anticipation of Bitcoin’s price trajectory.

By using Bitcoin reserves for immediate capital needs, the company underscored a business approach focused on financial discipline rather than market speculation.

Following the sale, Strategy rapidly reduced its net debt from $7 billion to zero over approximately two months. During the same period, the company increased its U.S. dollar reserves to $7 billion.

Renewed accumulation strategy

With a strengthened balance sheet, Strategy resumed Bitcoin purchases near $80,000, once again applying a cost-of-capital analysis. Le explained that the company’s capital-raising activity, including strategic share sales at a premium, enabled further exposure to Bitcoin assets.

The approach, he noted, is dynamic and aims to optimize resources as conditions evolve, rather than solely accumulating Bitcoin in a single direction. “Selling at $60,000 addressed capital needs, while buying at $80,000 aligned with our long-term accumulation plan once reserves were rebuilt,” Le explained.

Le cited the importance of disciplined capital allocation, repeating that Strategy’s philosophy is not about market timing, but about strengthening the firm’s overall financial position through careful management of both assets and liabilities.

Le indicated that the company may continue to purchase Bitcoin at higher price levels, naming $90,000, $100,000, and even $130,000 as targets if favorable conditions persist.

Policy stance and market integration

In addition to outlining the firm’s operational focus, Le addressed an ongoing debate with MSCI, the leading stock index provider. He and Michael Saylor have formally opposed MSCI’s proposal to exclude companies with substantial non-operating asset holdings from global indexes—criteria that would impact companies investing in Bitcoin.

Strategy has argued that current accounting standards already classify Bitcoin gains and losses as operating income, while assets like oil and wood also maintain their status as operating assets under existing index rules. This, the company contended, demonstrates inconsistencies that risk undermining fairness across the capital markets.

Le confirmed that Strategy is actively participating in MSCI’s feedback process regarding these potential changes, highlighting the firm’s ability to raise capital as a key strength within broader financial markets. The company currently holds $6.7 billion in U.S. dollar reserves as part of its capital base.

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