Strategy CEO Defends Bitcoin Sale at $60,000 and Buyback at $80,000

Strategy, best known for financing a vast Bitcoin stockpile through equity and preferred-share issuance, has begun using some of its cryptocurrency holdings to support shareholder payouts and liquidity. The move is significant because Bitcoin remains the company’s core treasury asset, while dividends on its preferred securities and share repurchases create recurring dollar obligations that must be balanced against its long-term accumulation strategy.

In the week ended Aug. 2, Strategy sold 1,638 Bitcoin for about $104.7 million, its first disposal since June, reducing holdings to 842,138 tokens. Roughly half of the proceeds was allocated to preferred-stock dividends and the remainder to repurchases of STRC shares. The transaction extended the company’s estimated dollar liquidity runway to 2.3 years, giving it more capacity to meet cash commitments without relying solely on fresh stock issuance.

Strategy has made Bitcoin a central treasury asset, using capital-market fundraising to expand its holdings over time. Chief Executive Officer Phong Le said the company continues to view Bitcoin accumulation as a long-term strategy. Its position as the world’s largest institutional holder makes shifts in its buying and selling closely watched as a gauge of corporate adoption and demand for the cryptocurrency.

Le said in an interview that Strategy plans to resume accumulating Bitcoin later in 2026. The company recently made limited sales as it adjusted business priorities, but its Bitcoin purchases so far this year were still about 25 times the amount sold. Strategy did not disclose the exact timing of its next purchase, the dollar amount it expects to commit or a target volume.

Strategy, formerly MicroStrategy, holds more Bitcoin than any other publicly traded company and has used leverage, including debt issuance and loans, to accumulate crypto assets. Its financial position is widely viewed as a barometer of market confidence. Because its cost basis is closely tied to market volatility, investors are watching whether a Bitcoin price collapse could expose the company to systemic risks from asset liquidations or debt defaults, with potentially significant consequences for the cryptocurrency market.

Strategy CEO Phong Le said in July 2026 that the company’s recent financing moves were merely part of short-term liquidity management and that its balance sheet remained robust. He stressed that the company would face material debt risks only if Bitcoin fell into the $8,000–$10,000 range. Above that red line, Strategy will maintain its existing strategy, continue buying and remain the largest buyer of Bitcoin.

Strategy (MSTR) has long financed Bitcoin purchases through debt and preferred-share issuance, tying its stock price and balance sheet closely to the cryptocurrency. Selling Bitcoin to fund preferred-share dividends broke with market expectations that the company would only buy and never sell. The move has also renewed scrutiny of its liquidity management and Bitcoin-holding strategy.

Strategy recently sold 3,588 Bitcoin for about $216 million, its largest disposal on record, while Bitcoin remained near $63,000. The cryptocurrency’s decline also led the company to recognize more than $8.3 billion in unrealized losses in the second quarter of 2026. Grayscale recommended that Strategy sell $3 billion worth of Bitcoin to rebuild market confidence.

Strategy has long treated Bitcoin as a core asset and has raised funds to buy the cryptocurrency through stock issuances and sales, making it one of the world's most prominent corporate Bitcoin holders. Its holdings exceed 4% of Bitcoin's total supply, leaving its balance sheet and share price highly exposed to swings in the cryptocurrency's value.

Strategy spent $34.9 million from June 15 to June 21 to buy 520 Bitcoin at an average price of $67,068 each. The company now holds more than 847,000 Bitcoin. It has continued selling shares to raise funds for further purchases even as the position's unrealized loss has reached $9.3 billion.

Strategy, formerly MicroStrategy, began adding Bitcoin to its balance sheet in 2020 and continued buying through debt and equity issuance, becoming the world’s largest publicly traded corporate holder of the cryptocurrency. Executive Chairman Michael Saylor has long promoted a “never sell” message. Although the disposal was small, it raises questions about whether Bitcoin reserves can also serve as a liquidity backstop for the company’s preferred-share “digital credit” business.

Strategy sold 32 BTC from May 26 through May 31, 2026, at an average price of $77,135 each, raising about $2.5 million. It disclosed the sale to the SEC on June 1 and said the proceeds were intended to fund preferred-share dividends. As of May 31, the company still held 843,706 BTC acquired for a total of $63.87 billion. Saylor described the sale as a tactical move and said Strategy would remain a net buyer.

Strategy has accumulated large amounts of bitcoin on its corporate balance sheet since 2020, cultivating a long-standing image of buying and never selling. Because its holdings account for about 4.2% of bitcoin in global circulation, any sale could affect market prices and investor confidence, drawing close attention to its shift toward active management.

CEO Phong Le said on June 11, 2026, that the company had sold a total of about 50,000 bitcoin since the end of 2025, worth an estimated $3 billion to $3.5 billion at prices during the trading period. He said the sales were intended to test internal processes and acclimate the market to such adjustments. Strategy still holds more than 845,000 bitcoin, and its long-term holding strategy remains unchanged.