Strategy CEO Says Selling Bitcoin in the $60,000s and Buying in the $80,000s Were Both Right Calls
Summary
- Strategy said its recent sale of about 7,000 Bitcoin to secure $7 billion in cash was the right decision.
- Strategy said its purchase of 4,603 Bitcoin last week at about $80,318 per token was a rational choice given the premium in its stock.
- Le said Strategy’s two-way strategy allows it to sell Bitcoin when financially rational, while continuing to buy even if prices reach $90,000, $100,000 and $130,000.
Forecast Trend Report by Period
Phong Le, chief executive officer of Strategy, said the company’s recent Bitcoin sales and purchases were the right trades at the time.
Le told Bloomberg TV that Strategy’s recent sale of about 7,000 Bitcoin to help fund preferred stock dividend payments was the right move. The company has raised $7 billion in cash over the past two months, including through Bitcoin sales.
He also discussed the company’s resumed Bitcoin buying. Strategy bought 4,603 Bitcoin last week at an average price of about $80,318 apiece.
Le said selling stock to buy Bitcoin was a rational decision because Strategy shares are trading at a premium. He added that the company uses a “two-way strategy” and may sell Bitcoin when it makes financial sense.
Strategy remains a net buyer of Bitcoin, Le said. If the economics justify it, the company could keep buying even if Bitcoin rises to $90,000, $100,000 or even $130,000.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul