Strategy CEO Phong Le says the company plans to resume accumulating Bitcoin later this year, despite having sold portions of its BTC holdings earlier in the year—an approach that has attracted investor scrutiny.
In a Monday interview with FOX Business, Le said Strategy purchased about 175,000 Bitcoin since the start of the year while selling roughly 7,000 BTC. He characterized the net flow as “about 25 times more” buying than selling and noted that Strategy has moved from being the world’s second-largest institutional Bitcoin holder to becoming the largest.
Key takeaways
- Strategy says it will restart net Bitcoin accumulation later this year after earlier sales.
- Le reported ~175,000 BTC bought since the beginning of the year versus ~7,000 BTC sold, implying Strategy remains a major net buyer.
- Strategy has sold Bitcoin on four occasions since May, with the most recent sale totaling 1,690 BTC.
- Recent sales have been linked to shareholder payouts and balance-sheet uses, including dividends and share repurchases.
- Broader pressure is building on the corporate Bitcoin treasury model as some public companies trade below the net asset value of their BTC.
Strategy’s plan to keep buying, and why the sales matter
Le’s message is direct: despite stepping back from pure accumulation, Strategy intends to increase its BTC exposure again “throughout the course of the year.” That stance arrives after the company diverged from its long-running “never sell” narrative, even if the magnitude of selling appears small relative to its total holdings.
According to the interview, Strategy has accumulated more than 840,000 BTC overall, while still making sales on four occasions since May. The most recent disclosed sale was for 1,690 BTC.
Le’s comments help frame the trade-off Strategy is facing as a public company with ongoing obligations. The company has used proceeds from recent Bitcoin sales for purposes that extend beyond building its BTC treasury—supporting preferred stock dividends, funding share repurchases, and adding to its U.S. dollar reserve.
The tension for investors is straightforward: selling Bitcoin—even when paired with larger net buying—can be seen as a shift in the risk-management and capital allocation logic that originally attracted many BTC-focused shareholders.
From “never sell” to balancing equity and dividends
Market scrutiny has focused on Strategy’s departure from its “never sell” approach. The company’s situation underscores a challenge unique to Bitcoin-heavy treasury models when they operate under traditional public-company constraints.
As a result, Strategy’s capital decisions are not driven by Bitcoin price views alone. Instead, it must weigh requirements tied to common and preferred shareholders alongside its accumulation strategy. The implication is that even firms positioned as long-term Bitcoin holders may still periodically liquidate BTC to meet other corporate finance priorities.
Why the corporate Bitcoin treasury model is under strain
Beyond Strategy specifically, the broader economics of corporate Bitcoin treasuries have been stressed by weaker market conditions. Data cited from BitcoinTreasuries.NET indicates that public companies collectively hold more than 1.26 million BTC, while spot-exposed vehicles such as exchange-traded funds and other funds hold more than 1.6 million BTC.
The treasury model historically gained momentum during a period when corporate Bitcoin holders traded at premiums to the value of their BTC holdings. In that environment, firms could raise capital through equity or debt and then convert that financing into additional Bitcoin, according to analysis referenced from Novaque Research.
But the mechanics worsen when the market assigns a discount. When companies trade below the net asset value of their Bitcoin holdings, new capital raises can dilute existing shareholders more than they did during premium periods. That makes it harder for treasury firms to perpetuate rapid accumulation without creating downside dilution—especially if capital markets are tighter and equity valuation is less supportive.
In other words, even if the long-term thesis remains intact, the near-term path to growth may require more careful balancing between BTC buying and other corporate uses of cash, particularly when the equity story is no longer a simple premium-to-NAV loop.
What to watch next for Strategy and other BTC treasuries
Strategy says it intends to resume accumulation later this year, but investors should monitor whether future buying is funded primarily through balance-sheet decisions (including any further BTC sales) or through renewed access to capital markets. More broadly, the sustainability of corporate Bitcoin treasury expansion may increasingly depend on whether share pricing can recover toward—or at least not deeply undercut—BTC net asset values.
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