{"id":77761,"date":"2026-09-05T17:47:47","date_gmt":"2026-09-05T17:47:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/strategys-phong-le-explains-why-they-sold-bitcoin-at-60k-bought-at-80k\/"},"modified":"2026-09-05T17:47:47","modified_gmt":"2026-09-05T17:47:47","slug":"strategys-phong-le-explains-why-they-sold-bitcoin-at-60k-bought-at-80k","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/strategys-phong-le-explains-why-they-sold-bitcoin-at-60k-bought-at-80k\/","title":{"rendered":"Strategy&#8217;s Phong Le Explains Why They Sold Bitcoin at $60K, Bought at $80K"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Strategy sold about 7,000 BTC near $60,000 in 2026, then paid $369.7 million for 4,603 BTC at $80,318.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Phong Le says net debt fell from about $7 billion to zero, leaving $7 billion in cash and no forced selling.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">With bitcoin\u2019s price near $79,700, Strategy\u2019s 845,050 BTC sit about $3.6 billion above cost basis.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>Sell Low, Buy High? Le Says That Is the Wrong Question<\/h2>\n<p>This summer, Strategy sold about 7,000 BTC in the $60,000 to $65,000 range but then, between Aug. 24 and Aug. 30, <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/saylor-strikes-again-strategy-scoops-up-370m-worth-of-bitcoin\/\">paid $369.7 million for 4,603 bitcoin<\/a> at an average of $80,318. On paper, it seemed like the absolute worst trade, but Phong Le does not see it that way.<\/p>\n<p>Speaking on Bloomberg Crypto this week, <a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2026-09-01\/sold-minuscule-amount-of-bitcoin-strategy-ceo-video\" target=\"_blank\" rel=\"noopener noreferrer\">Strategy\u2019s chief executive called the sale<\/a> \u201cthe right trade at the time to sell bitcoin to fund some of our Stretch dividends,\u201d referring to STRC, the company\u2019s variable-rate preferred stock. He further noted:<\/p>\n<blockquote>\n<p>\u201cIt\u2019s the right trade at this point in time to sell MSTR at a premium to buy bitcoin. We don\u2019t really make decisions specifically on bitcoin\u2019s price.\u201d<\/p>\n<\/blockquote>\n<p>The company\u2019s rule seems to be about cost of capital, i.e. sell equity when the stock trades at a premium to its coins, and touch the bitcoin only when equity is the more expensive option. Selling what Le called a \u201cminuscule\u201d slice, less than 1% of the stack, covered the preferred dividends without cheap share issuance.<\/p>\n<h2>What the Pause Bought<\/h2>\n<p>The 10-week buying freeze was not idle, and Le revealed that Strategy\u2019s <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/2096085915290779723\" target=\"_blank\" rel=\"noopener noreferrer\">net debt went<\/a> from roughly $7 billion to zero over that stretch, while the firm built about $7 billion in cash. Bitcoin.com News reported on Aug. 24 that Strategy had <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/strategy-slams-brakes-on-bitcoin-buying-stockpiles-6-69b-cash\/\">stockpiled $6.69 billion<\/a> with holdings frozen at 840,447 BTC.<\/p>\n<p>A week later, the company announced the <a href=\"https:\/\/news.bitcoin.com\/crypto-news\/saylor-strikes-again-strategy-scoops-up-370m-worth-of-bitcoin\/\">4,603-coin purchase<\/a>, funded by a $602.8 million at-the-market (ATM) stock sale, and said it now runs at 0.0% net leverage. It also repurchased $151.8 million of STRC.<\/p>\n<p>Le has called the result a \u201cbullet-proof balance sheet,\u201d and his argument is that a company with zero net debt and $7 billion in the bank can never be a forced seller, regardless of whatever bitcoin\u2019s price does next.<\/p>\n<h2>The Math<\/h2>\n<ul>\n<li><strong>The round trip:<\/strong> Selling 7,000 BTC at a $62,500 midpoint raises about $437 million. Buying the same coins back at $80,318 costs about $562 million. The gap is roughly $125 million, or about 1,500 bitcoins\u2019 worth of purchasing power at today\u2019s price.<\/li>\n<li><strong>The stack:<\/strong> After the August purchase, Strategy held 845,050 BTC bought for $63.73 billion, an average of $75,412 per coin. At bitcoin\u2019s current price of about $79,700, the pile is worth roughly $67.3 billion, a paper gain near $3.6 billion.<\/li>\n<li><strong>The chart everyone is sharing:<\/strong> A <a href=\"https:\/\/twitter.com\/WatcherGuru\/status\/2096000868696887559\" target=\"_blank\" rel=\"noopener noreferrer\">profit-and-loss visualization<\/a>, drawn when bitcoin traded above $81,000, puts the unrealized gain at $4.93 billion. That is the swing from a paper loss of more than $10 billion earlier this year to a green number in about six weeks. It flips that fast because every $1,000 move in bitcoin now shifts Strategy\u2019s balance sheet by $845 million.<\/li>\n<li><strong>The ratio:<\/strong> Le said in August the company had bought about 175,000 BTC in 2026 and sold about 7,000, a buying pace <a href=\"https:\/\/news.bitcoin.com\/featured\/strategy-ceo-resume-bitcoin-buying-later-2026\/\">25 times higher<\/a> than its selling. The sale looks large in isolation and small next to the year\u2019s accumulation.<\/li>\n<\/ul>\n<p>In sum, Strategy gave up around $125 million to avoid diluting shareholders at a bad price and to zero out its debt. Whether that was worth it depends on what a clean balance sheet is worth when the next drawdown arrives.<\/p>\n<p>Looking ahead, Le said he does not foresee Strategy selling bitcoin as the firm enters into what he considers \u201ca pretty heavy bull market,\u201d and repeated that the firm is \u201ca net accumulator.\u201d Investors are less convinced. MSTR is down about 22% year to date after an <a href=\"https:\/\/qz.com\/strategy-8-billion-loss-bitcoin-price-decline-073126\" target=\"_blank\" rel=\"noopener noreferrer\">$8.22 billion second-quarter loss<\/a> tied to fair-value accounting on its coins.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/crypto-news\/strategy-phong-le-sell-bitcoin-60k-buy-80k-math\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Strategy sold about 7,000 BTC near $60,000 in 2026, then paid $369.7 million for 4,603 BTC at $80,318. Phong Le says net debt fell from about $7 billion to zero, leaving $7 billion in cash and no forced selling. With bitcoin\u2019s price near $79,700, Strategy\u2019s 845,050 [&hellip;]<\/p>\n","protected":false},"author":3947362404,"featured_media":77762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/77761"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/3947362404"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=77761"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/77761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/77762"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=77761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=77761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=77761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}