Strategy has come under scrutiny after returning to the Bitcoin market with a sizable purchase following a roughly two-month break from accumulation.
Notably, on Monday the company said it bought 4,603 Bitcoin for approximately $369.7 million between August 24 and 30. The purchase averaged $80,318 per BTC, marking Strategy’s first Bitcoin acquisition since June 22.
The timing has drawn attention because Strategy sold about 6,916 BTC between its previous purchase and the latest acquisition. Those sales generated roughly $432.5 million at an average price of around $62,500 per Bitcoin.
As a result, critics have questioned why the company sold during a period of lower prices before returning to the market at a significantly higher level.
Analyst JA_Maartun highlighted the discrepancy, noting that Strategy had sold three batches of Bitcoin between approximately $60,200 and $64,300 before buying again near $80,300.
 
“Saylor sold the dip, then bought back ~30% higher After selling 3 batches of Bitcoin between $60.2K and $64.3K, Strategy returned with a 4,603 BTC purchase at $80.3K. What a clown,” he tweeted.
However, Strategy CEO Phong Le has defended the decision, arguing that Bitcoin’s price was not the primary factor behind the company’s capital allocation choices.
Speaking to Bloomberg Tuesday, Le explained that Strategy used the two-month period to strengthen its financial position before returning to Bitcoin.
“What did we do over the last two months while we were not buying Bitcoin? We shored up our balance sheet. We now have $72 billion of assets, $65 billion of Bitcoin, and $7 billion of USD reserve. That’s a 34% increase in the last two months,” he said.
“We’ve taken our debt, our net debt down to zero from about $7 billion in that same period of time. So by strengthening our balance sheet, we actually have strengthened our equity value, which makes it more profitable to sell MSTR and buy Bitcoin. So that’s what’s changed in the last couple months.” He added.
Le also rejected the suggestion that Strategy had made a mistake by selling Bitcoin at lower prices. He argued that the earlier transactions served a different purpose within the company’s broader capital-management strategy.
“No. Not at all. It was the right trade at the time to sell Bitcoin to fund some of our stretch dividends,” Le said when asked whether he regretted selling around the $60,000 level.
Meanwhile, the CEO emphasized that Strategy does not view Bitcoin accumulation as a permanently one-directional strategy. He described the company’s approach as a “two-way strategy,” allowing it to sell Bitcoin when capital-management conditions warrant it while continuing to increase its holdings over time.
The transactions also give a clearer picture of Strategy’s recent Bitcoin moves. Le said the roughly 7,000 BTC sold represented less than 1% of Strategy’s holdings, while the company had increased its Bitcoin holdings by as much as 30% during the year.
That said, Le indicated that Strategy could continue buying even if Bitcoin rises significantly. He said the company could purchase Bitcoin at $90,000, $100,000, and even $130,000, arguing that a higher entry price could ultimately prove worthwhile if the cryptocurrency continues climbing.
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