“We’re net purchasers of Bitcoin,” Le said, pointing to the company’s purchase of about 1,500 BTC over the past month. “Why the sale? A few reasons. One, we thought it was good to inoculate the market to understand that we are willing to sell Bitcoin when we need to. We haven’t needed to, but it’s an important thing to do.”
Crucially, Le said the sale was not required to fund dividends. “One reason we didn’t sell our Bitcoin, we did not need to sell our Bitcoin to satisfy our dividends,” he said. “We’re able to do that through other capital-raising activities.”
Strategy Says It Remains A Net Bitcoin BuyerThe sale attracted attention because Strategy has built its public-market identity around aggressive BTC accumulation. Le acknowledged the frustration among some investors and holders who interpreted the transaction as a breach of the company’s “never sell” posture, but argued that Strategy has a broader set of stakeholders than Bitcoin maximalist retail investors.
“We have a set of constituents that we have to be able to answer to,” Le said. “One is our common stock, our MSTR shareholders. Second is our preferred stock, our STRC shareholders. Third are our debt holders, and fourth are our Bitcoin holders. Not necessarily in that order.”
He continued: “And when it makes sense for our common stockholders for us to sell our Bitcoin, we will. We actually did it in 2022, and so we’re going to do it now. Again, if you’re a Bitcoin holder, we’re the largest holder of Bitcoin in the world. We’re the largest purchaser of Bitcoin in the world. We’ll continue to be.”
Pressed again on why the company sold, Le reduced the explanation to two points: “We sold because we wanted to inoculate the market and we sold because we wanted to test our processes.” Asked what Strategy learned, he replied: “We learned that everything works.”
At press time, BTC traded at $62,672.
