Strategy CEO Defends Bitcoin Purchases And Sales

Strategy CEO Phong Le is standing by the company's recent Bitcoin (CRYPTO: $BTC) transactions. In the past few months, Strategy has sold nearly 7,000 Bitcoin at prices between $60,000 U.S. and $65,000 U.S. and repurchased the cryptocurrency again at $80,000 U.S. Critics argue this is the opposite of the standard Wall Street advice to buy low and sell high.

MEXC has launched an Earn Plus program with a limited-time event offering up to 800% APR, while Kalshi has expanded internationally with a partnership with Alpaca brokerage. Bitmine has accelerated Ethereum purchases to close out August. Strategy purchased $370 million of Bitcoin last week, according to MEXC data. Bitcoin has broken $80,000, and major-asset spot trading volume has surged 300%.

However, Le has defended the trades, stating they were driven by capital costs rather than Bitcoin's price. Strategy halted its Bitcoin purchases for 10 weeks to strengthen its balance sheet and raise cash for dividend payments on its preferred stock (NASDAQ: $STRC). Le explained it was a prudent move to reduce the company's net debt from $7 billion U.S. to zero and build a $7 billion U.S. cash reserve.

Following the latest purchase of 4,603 BTC at an average price of $80,318 U.S., Strategy, under the leadership of Chairman Michael Saylor, now owns 845,050 Bitcoin worth $65 billion U.S. Le reiterated that Strategy is still a net accumulator of Bitcoin but has adopted a two-way strategy, allowing it to sell Bitcoin when necessary to fund dividends.

Finally, Le stated that Strategy is open to buying Bitcoin at $100,000 U.S. or higher if the trade's economics are favorable. Bitcoin is trading at $76,900 U.S. on September 2. MSTR stock has declined 64% over the last 12 months and trades at $123.47 U.S. per share.