Strategy CEO Defends Bitcoin Sale as the 'Right Trade'

According to Bitcoin Magazine, Strategy CEO Phong Le has defended the company's recent bitcoin sale, reassuring investors that the firm only sold a minuscule amount of its holdings. Speaking to Bloomberg, Le stated that the move was intended to strengthen the balance sheet and create a bullet-proof financial position, calling it the right trade at the time.

Strategy restarted its bitcoin purchases on Monday following a 10-week pause that began in June, during which it sold small amounts of cryptocurrency and built cash reserves. Le noted that decisions are not made specifically based on bitcoin's price, but rather through a capital management mathematical equation. He added that he does not foresee the company selling more bitcoin as it enters a heavy bull market.

Formerly known as MicroStrategy, Strategy holds 845,050 bitcoins valued at $65.1 billion. Despite posting an $8.22 billion loss in July's quarterly earnings, Le downplayed the paper loss and expressed confidence that the stock would soar next year. On Wednesday, Strategy stock trading under the ticker MSTR was down 2%, bringing its year-to-date decline to 22%.