Strategy CEO Phong Le stepped before Bloomberg Crypto on September 1, 2026, to explain why the company sold Bitcoin near $60,000–$65,000 and then repurchased it above $80,000. His argument centered on capital costs rather than price direction: “We don’t buy or sell Bitcoin based on the price of Bitcoin. We buy or sell based on our cost of capital.”
Between July and August, Strategy sold roughly 7,000 BTC across three disclosed transactions totaling 5,553 BTC to fund preferred dividend payments and reduce balance sheet risk. Le described the sales as “minuscule” relative to total holdings and “the right trade at the time.” The company built dollar assets to $6.71 billion by August 30, nearly matching $6.75 billion in convertible debt, bringing its self-reported net leverage to 0.0%.
On August 31, Strategy confirmed it had returned to buying, acquiring 4,603 BTC for $369.7 million between August 24 and August 30 at an average price of $80,318. This brought total holdings to 845,050 BTC, acquired for about $63.73 billion at an average cost of $75,412 per coin, equivalent to just over 4% of Bitcoin’s 21 million supply. Le said the company could buy Bitcoin at $90,000, $100,000 or even $130,000 if financing conditions justify it, while the board’s formal Bitcoin monetization program permits up to $1.25 billion in BTC sales.
MSTR stock closed at $112.39 on August 20, 2026, with a market value around $44.7 billion, but traded at $123.47 by September 2 after falling about 64% over 12 months. As Strategy transitions from a Bitcoin treasury company toward a digital capital platform, traders are watching whether its two-way Bitcoin strategy can stabilize the balance sheet and attract renewed interest.
