TLDR Tech / Crypto
Strategy CEO defends selling BTC low, buying high
CEO Phong Le defended Strategy's sale of ~7,000 BTC at $60K-$65K (to fund preferred dividends) ahead of resuming purchases near $80K, framing both moves as driven by capital costs, not price predictions. During the ~10-week pause, the company cut net debt from ~$7B to zero and built ~$7B in cash. The sold BTC was under 1% of holdings. Strategy grew its stack ~30% this year and says it would keep buying at $90K-$130K if capital economics stay favorable. Bernstein kept an Outperform rating but cut its price target to $350 from $450.
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