Today in Crypto: Strategy’s Phong Le Explains Why They Sold Bitcoin at $60K, Bought at $80K

In the current cycle, strategy sold roughly 7,000 bitcoin at $60,000 to $65,000 this summer, then bought 4,603 back at $80,318.

CEO Phong Le says both trades were right, and the numbers behind that claim deserve a closer look.

This summer, Strategy sold about 7,000 BTC in the $60,000 to $65,000 range but then, between Aug.

30, paid $369.7 million for 4,603 bitcoin at an average of $80,318.

On paper, it seemed like the absolute worst trade, but Phong Le does not see it that way.

Speaking on Bloomberg Crypto this week, Strategy’s chief executive called the sale “the right trade at the time to sell bitcoin to fund some of our Stretch dividends,” referring to STRC, the company’s variable-rate preferred stock.

He further noted: “It’s the right trade at this point in time to sell MSTR at a premium to buy bitcoin.

We don’t really make decisions specifically on bitcoin’s valuation.” The company’s rule seems to be about cost of capital, i.e.