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Points of Focus
- Strategy CEO Phong Le says capital costs, not Bitcoin’s price, drove both decisions.
- Strategy sold 6,916 BTC after June 22 before buying 4,603 BTC at $80,318.
- The latest Bitcoin purchase was funded by $369.7M from MSTR share sales.
Strategy CEO Phong Le defended selling Bitcoin in the low-$60,000 range before returning to the market near $80,000, arguing that both decisions made sense under different financing conditions. In a Sept. 1 Bloomberg interview, Le said Strategy bases its Bitcoin decisions on the cost of capital rather than trying to time BTC’s price.
The sequence still created a large price gap. Santiment estimated that Strategy sold 6,916 BTC at an average near $62,500 before buying 4,603 BTC from Aug. 24 through Aug. 30 at $80,318 each, roughly $17,800 higher per coin. Strategy’s regulatory filings show about $429.3 million in proceeds from those 6,916 BTC sales, implying a weighted average closer to $62,100.
Strategy sold about 6,916 BTC through the summer. Last week it bought 4,603 back, at a price roughly $17,800 higher per coin.
🐋 The Aug 31 filing shows 4,603 BTC purchased for $369.7M during Aug 24 to 30, at an average of $80,318. It is the first purchase since June 22.
📉… pic.twitter.com/WTKHwDsBew— Santiment Intelligence (@SantimentData) September 1, 2026
Strategy says Bitcoin sales funded balance-sheet needs
The earlier Bitcoin sales funded preferred-stock distributions, STRC repurchases and the USD Reserve. A July 6 SEC filing shows that Strategy sold 3,588 BTC between June 29 and July 5 to fund preferred distributions and replenish its dollar reserve. Later sales included 1,638 BTC through Aug. 2 and 1,690 BTC through Aug. 9.
Those transactions followed Strategy’s June 29 BTC Monetization Program, which authorizes Bitcoin sales to fund the USD Reserve, preferred dividends, interest expenses and security repurchases when management considers the move financially attractive.
Le said Strategy doesn’t base its Bitcoin decisions on BTC’s market price alone. Instead, the company weighs its cost of capital and available financing options, selling Bitcoin when that is more efficient than issuing equity and buying again when capital-raising conditions improve.
Strategy CEO: Selling Bitcoin at $60K and Buying at $80K Were Both the Right Trades
Strategy CEO Phong Le, speaking in an interview with Bloomberg TV, explained why the company sold Bitcoin in the $60,000–$65,000 range before resuming purchases at around $80,000, saying Strategy… pic.twitter.com/YK92RQZdWE
— Wu Blockchain (@WuBlockchain) September 2, 2026
MSTR share sales funded the $80.3K Bitcoin purchase
The latest acquisition came from a different funding source. An Aug. 31 SEC filing shows Strategy raised $602.8 million by selling 4.53 million MSTR shares. Of those proceeds, $369.7 million funded the 4,603 BTC purchase, $151.8 million went toward STRC repurchases, $50.7 million funded STRC dividends and $30 million increased USD Cash.
At Santiment’s $62,500 estimated sale price, acquiring 4,603 BTC at $80,318 required about $82 million more than buying the same amount at the earlier average. That is a price-gap comparison, not a realized trading loss, because the earlier BTC proceeds funded separate corporate obligations.
Strategy ended Aug. 30 holding 845,050 BTC acquired for $63.73 billion at an average cost of $75,412, alongside a $5.10 billion USD Reserve and $1.61 billion in USD Cash.
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