Strategy CEO Phong Le pushed back on concerns this week after the company quietly sold 32 BTC — calling the move a tactical test rather than a shift away from its long-standing accumulation strategy.
Speaking on CNBC’s Power Lunch, Le said the tiny disposal, the company’s first since 2022, was meant to “inoculate the market” and validate internal processes for selling Bitcoin. Roughly a week after the 32 BTC sale, the firm repurchased more than 1,500 BTC, underscoring that it remains a net buyer, Le added.
“We’re net purchasers of Bitcoin,” Le said, noting the company bought about 1,500 BTC over the past month. He explained the sale served two primary purposes: to demonstrate that the firm can sell BTC when necessary, and to test the operational mechanics of selling — which he said are more complex than buying.
Le also dismissed speculation that the sale funded dividends. “We did not need to sell our Bitcoin to satisfy our dividends,” he said, adding the company can meet those obligations through other capital-raising activities. He noted a potential follow-up benefit: over time Strategy might be able to capture tax-loss assets on its balance sheet related to sales, given its BTC purchases at prices ranging from $10,000 to $125,000.
The transaction drew outsized attention because Strategy has built its public identity around aggressive BTC accumulation and is among the largest holders and purchasers of Bitcoin in public markets. Some retail investors viewed the small sale as a breach of a perceived “never sell” posture; Le acknowledged their frustration but stressed the company answers to a broader set of stakeholders — common stock (MSTR) holders, preferred (STRC) holders, debt holders and Bitcoin holders — and will act when it makes sense for those constituencies.
Pressed on results, Le kept it simple: “We sold because we wanted to inoculate the market and we sold because we wanted to test our processes.” His bottom line: “We learned that everything works.” He also said institutional investors appeared largely unshaken by the move, while much of the controversy came from retail holders who adhere to a purist “never sell” view of Bitcoin.
Market context: BTC was trading around $61,000 during the CNBC segment — roughly flat on the day but down more than 20% over the past month after dipping below $60,000 for the first time since October 2024. At press time BTC was trading at $62,672.
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