Strategy CEO Defends Bitcoin Trading Strategy Amid Criticism
Strategy's (NASDAQ: MSTR) CEO Phong Le has defended the company’s recent Bitcoin trading activity, which included selling nearly 7,000 BTC at prices between $60,000 and $65,000 before repurchasing it later at around $80,318. Critics argue that this approach contradicts traditional investment principles of 'buy low, sell high.' Le explained the sales were necessary to fund Stretch dividends while Strategy reduced its net debt from $7 billion to zero and built a cash reserve. The company recently purchased 4,603 BTC at an average price of $80,318, bringing its total Bitcoin holdings to approximately 845,050 BTC valued at around $65 billion. Le emphasized that Strategy remains committed to accumulating Bitcoin but has adopted a 'two-way strategy' allowing it to sell when necessary for liquidity needs. MSTR stock is currently trading at $123.47 per share after falling 64% over the past year, while Bitcoin trades near $76,900 as of September 2.
Tickers: $MSTR