Strategy's recent move to sell part of its bitcoin reserve has sparked lively discussions in the crypto community. The sale of 6,916 BTC in the $60,000–65,000 range, which occurred shortly before a new wave of rally, at first glance looked like a missed opportunity. However, the company's CEO Phong Le, in an interview with Bloomberg, presented a completely different view of this operation, calling it the "right deal."
Le's key thesis is that the decision to sell was not driven by market conditions or price forecasts for the first cryptocurrency. Instead, the company was guided by the cost of raising capital. The proceeds were not used to bolster the balance sheet but to pay dividends and buy back preferred shares. This is a strategic move aimed at optimizing the capital structure and reducing debt burden, not an attempt to play the downside.
Notably, just a few weeks later, Strategy re-entered the market, but this time as a buyer. The company acquired 4,603 BTC for $369.7 million, increasing its total reserve to an impressive 845,050 BTC. It is worth noting that the average price of the new purchase was $80,318, significantly higher than the sale price. This clearly demonstrates that for management, the immediate price difference is not what matters, but rather the overall efficiency of the financial model.
Le also gave a clear signal to the market about the company's long-term intentions. He emphasized that Strategy remains a "pure buyer" and is ready to purchase bitcoin even at $90,000, $100,000, or $130,000, provided that financing conditions remain attractive. This approach turns bitcoin from a simple asset into a tool of corporate financial engineering.
My analytical commentary
Such tactics are a classic example of arbitrage between the cost of capital and asset returns. If a company can raise financing cheaper than bitcoin's potential growth, then any short-term price fluctuations are secondary. In essence, Strategy uses bitcoin as a highly liquid collateral to manage its shareholder equity, and in this context, selling at $60,000 followed by buying at $80,000 is not a trader's mistake but a calculated financier's move.