Bitcoin: Strategy Sells at $62,500, Buys Back at $80,000 and Stands by It

Strategy sold 6,916 BTC for around $429 million between late June and early August. A few weeks later, Michael Saylor’s company returned to buy 4,603 bitcoins for $369.7 million, at an average price of $80,318. Sell at around $62,500 and buy back nearly $18,000 higher? Strategy CEO Phong Le stands by the decision completely.

Bitcoin sold at the worst possible time?

Viewed solely from the chart, the transaction looks painful. As Bref Crypto had already pointed out during Strategy’s sales, the company gradually used part of its immense Bitcoin reserve during the downturn.

Regulatory filings make it possible to reconstruct the sequence: 1,363 BTC sold at $59,256, followed by 2,225 at $60,773, 1,638 at $63,957 and finally 1,690 at $64,262.

Total: 6,916 BTC.

The average price comes to around $62,100 based on data published by Strategy, while some market estimates round it up to approximately $62,500.

Bitcoin then rebounded. And so did Strategy.

From August 24 to 30, the company bought 4,603 BTC at $80,318 per coin. It now holds 845,050 bitcoins acquired for approximately $63.73 billion.

Strategy is not really trading the price

Phong Le rejects the idea that this was a timing mistake.

According to the CEO, Strategy does not primarily decide whether to buy or sell Bitcoin based on the BTC price. Instead, it focuses mainly on its cost of capital and the various options available to finance its balance sheet.

This is an important change. Strategy had already raised nearly $2 billion without immediately buying Bitcoin, a sign that the company no longer operates like a simple “raise funds, buy BTC” machine.

Since June, its board of directors has officially authorized the sale of Bitcoin to replenish its dollar reserve, fund dividends on its preferred stock or repurchase certain securities when that solution is financially more advantageous than issuing shares. Strategy details this mechanism directly in its official Digital Credit Capital Framework.

Phong Le therefore believes that selling nearly 7,000 BTC was “the right decision at that time.”

Today, conditions have changed. When MSTR trades at a sufficiently high price, Strategy can issue shares, raise dollars and use that capital to buy Bitcoin. Even at $80,000.

Bitcoin remains at the heart of the model

Strategy is therefore no longer trying to promise that it will never sell a single satoshi.

It wants to be able to buy and sell whenever the balance-sheet math requires it.

The group now holds 845,050 BTC at an average price of $75,412. Its dollar reserve has reached $5.10 billion, in addition to approximately $1.61 billion in “USD Cash.” Almost $6.7 billion in liquidity.

This flexibility nevertheless makes the narrative built by Michael Saylor less straightforward. For years, Strategy almost perfectly embodied “buy and never sell.” Now, Bitcoin is also becoming an asset that can be mobilized to operate a financial architecture made up of common stock, preferred stock, buybacks and dividends.

And this model is already inspiring other companies, including African companies that are beginning to build their own Bitcoin treasuries.

Strategy can therefore sell at $62,500, buy back at $80,000 and consider both decisions rational. This is no longer simply a Bitcoin accumulation strategy. It is now financial engineering built around Bitcoin.