Strategy recently recorded the sale of 6,916 BTC at a weighted average price of $62,200 between late June and mid-August. The company then re-entered the market last week, acquiring 4,603 BTC at a much higher average price of $80,318. Buying at the top after selling lower raised questions, but Strategy CEO Phong Le stepped forward to provide an explanation.
In an interview with Bloomberg Crypto, he insisted he has no regrets about the sale. “We don’t make Bitcoin-specific decisions based on the price of Bitcoin,” Le said. He confirmed the divestment was not driven by market price predictions, but purely as a measure to fund dividends for STRC, their variable-rate perpetual preferred stock.
Tactics Behind the Stock Price
The root of the issue began in June when STRC shares fell below their $100 par value. That drop tied the company’s hands by making new share issuance less attractive. Yet, issuing new stock is one of their primary funding sources to continuously accumulate crypto assets.
Facing a closed funding avenue, management decided to liquidate a portion of their Bitcoin holdings across four tranches. Le explained that the two-month hiatus in asset purchases was used specifically to restore the company’s financial health. “What we did in the last two months when we weren’t buying? We strengthened our balance sheet,” he stated.
The balance sheet improvement went according to plan and reduced the issuance costs of their primary stock, MSTR. Fresh capital from this share issuance was ultimately used to buy Bitcoin at the new price level. This institutional adoption maneuver is also visible in the broader market; the Bitfinex exchange recently listed five tokenized stocks of major Bitcoin treasury companies, including Strategy, and immediately recorded $333.7 million in trading volume.
More Than Just an Accumulation Vehicle
The mid-year asset divestment also confirmed a new policy direction from management. In May 2026, they officially abandoned their strict pledge to never sell Bitcoin. Even so, they continue to maintain their stance as a net buyer in the market over the long term.
“7,000 Bitcoin is less than 1% of the total Bitcoin we hold,” Le said, providing context to ease concerns of a fire sale. Year-to-date alone, the company’s total crypto holdings have risen between 25% and 30% from the starting balance.
For readers and investors, Strategy’s operational moves highlight a shift in how major institutions manage their portfolios. Le described his firm as having evolved into a true two-way capital management company. They possess full flexibility to trade and rotate between crypto assets, common equity, and preferred shares, rather than acting as a one-way accumulation vehicle.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
