Strategy CEO says firm will keep buying Bitcoin after $216M sale

Strategy sold $216 million in Bitcoin but plans to resume buying once its preferred shares recover, CEO Phong Le said.

"We're not going anywhere," Le said in a Bloomberg TV interview. "Anybody that's worried about Strategy shouldn't be."

The company sold 3,588 Bitcoin in late June, its first sale since co-founder Michael Saylor began trimming the firm's $54 billion stack. Strategy has since raised $467 million through a common-stock sale, building a $3 billion cash reserve to cover two years of dividend payments. The firm still holds more than 840,000 Bitcoin, about 4 percent of the 21 million tokens that will ever exist.

Le said the company will issue more Stretch preferred shares once they return to their $100 par value — they traded near $89 on Wednesday — and use the proceeds to buy more Bitcoin. "When Stretch gets back to par, we'll issue more," he said, while acknowledging he's "unsure" how long that will take.

The sale had stoked concern about the durability of the debt-and-equity flywheel Saylor built since 2020. Standard Chartered analysts dismissed the moves as "mostly noise" after Strategy unveiled a capital framework giving management more room to sell Bitcoin, buy back securities and protect liquidity.

Le pushed back on fears that Strategy is retreating as the largest corporate Bitcoin buyer, noting the asset trades $30 billion to $40 billion a day and that the firm's $216 million in sales "did not move the market." Bitcoin traded near $64,212 on Sunday, down slightly over 24 hours, according to CoinGecko.

Adding to the speculation, Saylor posted "What's next?" on X alongside the company's orange dot chart, a pattern that has historically preceded major Bitcoin purchase announcements.

Separately, Strategy published its Bitcoin Banking Adoption Index this month, grading 25 major banks on Bitcoin trading, custody and product depth. Fidelity topped the list at 71 percent, followed by BNY at 46 percent and Goldman Sachs at 45 percent.

This article is for informational purposes only and does not constitute investment advice.