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Strategy CEO says bitcoin sales were the right trade to strengthen balance sheet

Strategy restarted bitcoin buying on Monday after a 10-week pause, following small sales and the build of two cash reserves, Bloomberg reported.

Reported · Written up by our desk · Market Structure

Strategy CEO Phong Le defended the company’s recent bitcoin sales as the “right trade” at the time, saying the moves were intended to strengthen its balance sheet rather than signal a change in strategy.

Speaking to Bloomberg on Tuesday, Le reassured investors that Strategy has sold only a “miniscule” amount of its bitcoin holdings and described the company’s balance sheet as “bullet-proof.”

Strategy, formerly MicroStrategy, restarted bitcoin purchases on Monday after a 10-week pause. After halting buys in June, the company sold small amounts of bitcoin and built two cash reserves.

Strategy is the largest corporate holder of bitcoin, with 845,050 bitcoins worth $65.1 billion at today’s prices, according to the report. Le acknowledged Strategy posted an $8.22 billion loss in its July quarterly results, and Strategy shares were trading 2% lower on Wednesday, with the stock down 22% year to date.

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