Key facts
- Strategy sold 6,916 BTC at an average price of $62,200 between late June and mid-August.
- The company subsequently repurchased 4,603 BTC at an average price of $80,318.
- CEO Phong Le asserted both transactions were strategically sound financing decisions.
- The sales were intended to fund dividends and reduce net debt to zero.
- Strategy now operates as a 'two-way capital management company'.
Strategy CEO Phong Le defended the company's recent Bitcoin transactions, stating that selling the cryptocurrency at an average of $62,200 and later repurchasing it at $80,318 were the 'right trades' at the time. Le explained that the sales, totaling 6,916 BTC, were primarily driven by the need to fund dividends and strengthen the company's balance sheet by reducing net debt to zero, rather than being a reaction to Bitcoin's market price. The subsequent purchase of 4,603 BTC was made possible by a strengthened balance sheet, which made issuing equity more attractive. Strategy now positions itself as a 'two-way capital management company,' actively managing its assets through strategic buying and selling. The transactions involved less than 1% of its total holdings, which have grown significantly this year, leaving the company with 845,050 BTC valued at approximately $65.4 billion.