On September 1, Strategy’s CEO Phong Le addressed a thorny question that has puzzled investors: why would the company liquidate Bitcoin holdings near $60,000 only to repurchase them when prices climbed above $80,000?
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Strategy CEO Phong Le defended selling roughly 7,000 BTC at $60,000-$65,000 to fund preferred dividends, calling it “the right trade at the time” on Bloomberg TV. pic.twitter.com/VjG3naqcRz
— CoinMarketCap (@CoinMarketCap) September 2, 2026
Le’s explanation was direct and unambiguous. The firm doesn’t execute Bitcoin transactions based on spot prices. Instead, it evaluates the expense of securing capital.
As of this writing, MSTR stock trades at $123.47, reflecting a steep 64% decline year-over-year. Bitcoin was priced at $76,900 on September 2.
During his Bloomberg Crypto appearance, Le outlined the company’s framework. Whenever Strategy can float common shares at a premium above net asset value, deploying that capital toward Bitcoin enhances shareholder value on a per-share basis. Conversely, when such conditions don’t exist, liquidating Bitcoin to satisfy financial commitments becomes the optimal choice.
“Our decisions to buy or sell Bitcoin aren’t dictated by Bitcoin’s market price,” Le stated. “They’re determined by our cost of capital.”
From July through August, Strategy offloaded approximately 7,000 BTC through three separate disclosed transactions totaling 5,553 BTC. These sales generated cash reserves needed for preferred dividend obligations and broader financial restructuring efforts.
Le characterized these sales as “negligible” compared to the company’s massive holdings and maintained that using Bitcoin proceeds to fund preferred dividends represented “the optimal decision under those circumstances.”
Strategy leveraged its two-month hiatus from Bitcoin acquisitions to fortify its financial position. The company expanded its dollar-denominated assets to $6.71 billion by August 30, virtually matching its $6.75 billion convertible debt load.
This maneuver reduced the firm’s internally calculated net leverage ratio to exactly 0.0%. Le described the reconfigured balance sheet as a “fortress,” insisting that no mandatory Bitcoin liquidation thresholds exist within the company’s debt covenants.
Throughout this timeframe, Strategy issued roughly $602.8 million in common equity and strategically deployed a portion to buy back $152 million worth of STRC preferred shares trading below their $100 stated value.
Strategy filed documentation on August 31 confirming its acquisition of 4,603 BTC for $369.7 million during the week spanning August 24 through August 30, representing an average purchase price of $80,318 per Bitcoin.
This transaction elevated the company’s cumulative position to 845,050 BTC, representing an aggregate investment of approximately $63.73 billion at an average acquisition cost of $75,412 per coin. Strategy currently controls slightly over 4% of Bitcoin’s fixed 21 million token supply.
Le clarified that resuming Bitcoin purchases wasn’t a bet on upward price momentum. Rather, it reflected a capital allocation adjustment once MSTR’s stock premium rendered common stock issuance economically advantageous again.
He emphasized that Strategy would willingly acquire Bitcoin at $90,000, $100,000, or even $130,000 if financing economics support such moves. Similarly, the company would sell again if balance sheet optimization demands it.
In June, the board granted formal approval for a Bitcoin monetization framework, authorizing up to $1.25 billion in potential BTC liquidations to establish a designated dollar reserve and meet ongoing obligations.
Bitcoin was trading at $76,900 as of September 2.
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