Strategy says its Bitcoin strategy remains oriented toward long-term BTC accumulation, even after the company sold roughly 7,000 BTC at lower prices and re-entered the market at $80,000.

CEO Phong Le explained the rationale behind the move in an interview with Bloomberg TV on Tuesday. "It's not about the Bitcoin price; it's about capital cost and finance requirement. We sold our BTC in the range of $60,000 to $65,000 and repurchased at $80,000."

According to Le, the Bitcoin sale helped fund dividends tied to Strategy's preferred stock. He described the transaction as a sound decision from a financial standpoint, just as buying Bitcoin remains a good decision for the company at present. The company, formerly known as MicroStrategy, pioneered the corporate Bitcoin treasury approach in 2020 and has since become the largest publicly listed corporate holder of the cryptocurrency, making its buying and selling activity a closely watched signal across crypto markets.

A Two-Way Approach to Bitcoin

Strategy had paused Bitcoin purchases for nearly 10 weeks while focusing on strengthening its balance sheet. During that period, the company reduced net debt from $7 billion to zero and built up close to $7 billion in cash.

Le emphasized that although Strategy is a "net accumulator," the company has adopted a "two-way strategy." Under this approach, the firm can keep accumulating Bitcoin while also selling a portion of its holdings to meet dividend payments and other financial obligations. The shift marks a notable change for a company whose policy had long been framed around uninterrupted accumulation, and it reflects the financing obligations that come with the preferred and debt instruments Strategy has used to fund its purchases.

The most recent sale involved less than 1% of Strategy's Bitcoin holdings. Le said the firm has accumulated 30% more Bitcoin this year.

Strategy Adds 4,603 Bitcoin

Strategy acquired 4,603 BTC worth approximately $369.7 million, at a cost of roughly $80,318 per Bitcoin. Following the purchase, the company's total holdings rose to 845,050 BTC, now valued at around $65 billion. The acquisition keeps Strategy among the largest corporate holders of Bitcoin.

Le said that even if BTC reaches $90,000, $100,000, or even $130,000, Strategy can continue acquiring the cryptocurrency because the company's decisions are driven more by capital economics than by Bitcoin's price. In other words, as long as financing conditions justify it, Strategy can keep buying Bitcoin even at higher levels.

Bernstein Cuts Strategy Price Target

Analysts at Bernstein maintained an Outperform rating on Strategy but lowered their price target from $450 to $350. The analysts also forecast that Bitcoin will reach $150,000 by mid-2027. Strategy's outlook, they note, depends heavily on how the company manages Bitcoin accumulation, financing costs, dividend payments, and cash reserves.

At the time of writing, Bitcoin was trading at $76,766, with a 24-hour trading volume of $66.03 billion and a market capitalization of $1.54 trillion. BTC's price fell 1.70% over the past 24 hours.

Based on Le's remarks, Strategy intends to keep accumulating BTC while retaining the flexibility to sell Bitcoin if financial circumstances require it. For the broader market, the main variables to watch going forward are the pace of Strategy's future purchases, the terms of any new financing, and how the balance between dividends, cash reserves, and Bitcoin holdings evolves.