Following Large-Scale Bitcoin Sell-Off, Strategy CEO Reveals When They Will Resume Buying Bitcoin
Strategy CEO Phong Le explained the company's recent pause in Bitcoin purchases, stating it was not due to the price of BTC but to a strategic effort to build up its dollar reserves. The company recently sold over 1,600 bitcoins for approximately $108 million and has not made new BTC purchases for seven weeks. Le emphasized that Strategy holds 840,000 BTC, having bought 175,000 and sold only 7,000 this year, netting a 25% increase in its holdings.
He characterized the current market as a bear cycle, noting the decline from last October's highs has lasted about eight months, which is not unusual for Bitcoin. Addressing speculation about financial trouble, Le pointed to the company's low leverage, years of dividend coverage, and $55 billion in Bitcoin holdings as evidence of stability. He stated decisions on Bitcoin transactions are made jointly with Chairman Michael Saylor and the board.
Le announced that Strategy plans to resume Bitcoin purchases later this year, with timing based on shareholder benefit rather than a specific price target. He also commented that clearer crypto regulations from Congress could reduce market uncertainty.
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