Strategy's decision to sell 6,916 BTC in the $60,000–$65,000 range and then re-enter the market at an average price of $80,318 has sparked considerable debate among investors. However, CEO Phong Le called the move a "right deal" in a Bloomberg interview, emphasizing that the key factor was not market conditions but the cost of capital. Part of the proceeds was directed toward dividend payments and the buyback of preferred shares—a classic financial maneuver that optimizes the balance sheet without losing strategic positioning.
Capital management logic above price targets
At first glance, selling an asset and then buying it back at a higher price seems illogical. But for an institutional player like Strategy, this is not speculative trading but capital structure management. Le made it clear: the company is not tied to specific price levels but evaluates the efficiency of raising funds. If the market allows for refinancing debt or improving shareholder returns, a temporary sale of part of the reserve becomes a tool, not a concession.
Recall that recently Strategy increased its holdings by another 4,603 BTC, spending $369.7 million. The company's total reserve now stands at an impressive 845,050 BTC. This confirms a long-term trend: despite tactical moves, Strategy remains a net buyer of the leading cryptocurrency.
Willingness to buy above $100,000
Phong Le also stated that the company is ready to acquire bitcoin even at $90,000, $100,000, or $130,000 if financing conditions remain attractive. This is a signal to the market: for Strategy, the entry price is secondary to the availability of cheap capital. This approach demonstrates the maturity of an institutional strategy where bitcoin is viewed not as a speculative asset but as a long-term reserve tool.
My view: Such tactics are a sign that large corporate holders have moved from simple accumulation to active liquidity management. For retail investors, this is a lesson: it is important not to guess the bottom but to build a system that allows for scaling positions regardless of volatility. If Strategy continues in the same vein, its balance sheet will become a benchmark for other public companies eyeing bitcoin.