Strategy sold about 7,000 bitcoin in the $60,000 to $65,000 range this summer, then paid $369.7 million to buy 4,603 BTC back at an average of $80,318. CEO Phong Le says the round trip cost roughly $125 million but zeroed out the company's net debt, leaving it with $7 billion in cash and no forced sellers.
Strategy's summer bitcoin trade looks, on paper, like the worst possible sequence: sell near $60,000, buy back near $80,000. But chief executive Phong Le argues both trades were right, and the numbers he laid out this week back up the claim.
A Costly Round Trip, By Design
This summer Strategy sold about 7,000 BTC in the $60,000 to $65,000 range, then, between Aug. 24 and Aug. 30, paid $369.7 million for 4,603 bitcoin at an average of $80,318. Speaking on Bloomberg Crypto, Le said selling covered the company's Stretch preferred dividends rather than reflecting any view on bitcoin's price. According to Le: "We don't really make decisions specifically on bitcoin's price."
Selling 7,000 BTC at a $62,500 midpoint raised about $437 million, while buying the same coins back cost about $562 million. That gap runs to roughly $125 million, the price of avoiding dilutive share issuance during the pause.
What the Ten-Week Pause Bought
The freeze on buying was not idle time. Le said net debt fell from about $7 billion to zero over that stretch, while the firm built roughly $7 billion in cash. A $602.8 million at-the-market stock sale funded the August purchase, and the company now runs at 0.0% net leverage; it also repurchased $151.8 million of STRC.
The Stack's Paper Gain
After the August purchase, Strategy held 845,050 BTC bought for $63.73 billion, an average of $75,412 per coin. With bitcoin near $79,700, that pile is worth roughly $67.3 billion, a paper gain near $3.6 billion. Le said the company bought about 175,000 BTC in 2026 and sold about 7,000, a buying pace 25 times higher than its selling.
Le said he does not foresee Strategy selling bitcoin as the firm enters what he called a heavy bull market, repeating that the company remains a net accumulator. Investors are less convinced: MSTR is down about 22% year to date. That drop follows an $8.22 billion second-quarter loss tied to fair-value accounting on its coins.
Source: Bitcoin News
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