In a recent interview on CNBC’s Power Lunch, Phong Le, CEO of Strategy Inc., addressed the backlash that followed the company’s recent Bitcoin sale, the first since 2022. Le emphasized that the sale was a calculated move meant to demonstrate the company’s operational flexibility rather than a shift in its long-standing philosophy regarding Bitcoin holdings. “We wanted to inoculate the market and we wanted to test our processes,” he stated, reinforcing that the sale was designed to ensure effective internal systems for executing Bitcoin transactions.
Between May 26 and May 31, Strategy sold 32 Bitcoin for about $2.5 million, with an average selling price of $77,135 per coin. This sale accounted for a mere 0.004% of the company’s total Bitcoin holdings but triggered significant market reactions and discussions regarding the company’s adherence to Michael Saylor’s advocacy for a “never sell” strategy. In response, Le framed the sale primarily in terms of balance sheet management, outlining three specific objectives: confirming the company’s ability to sell when needed, validating the effectiveness of its internal systems for Bitcoin disposals, and creating avenues to capture tax losses from Bitcoin purchased at varied cost bases.
Le clarified that the sale was not a response to financial distress, stating, “We did not need to sell our Bitcoin to satisfy our dividends.” Proceeds were utilized for distributions on the company’s STRC perpetual preferred stock instead. He highlighted that Strategy continues to be a net buyer of Bitcoin, acquiring around 1,500 coins over the same timeframe during which the 32 coins were sold.
When confronted about the criticism from investors believing the company had committed to never liquidating its Bitcoin reserves, Le acknowledged the discontent but remained unapologetic. He identified the company’s need to prioritize various stakeholders including common stockholders, preferred shareholders, debt holders, and Bitcoin holders. “When it makes sense for our common stockholders for us to sell our Bitcoin, we will,” he asserted, pointing out that his institutional shareholders were not as perturbed by the sale as retail investors and “crypto anarchists” who are ideologically committed to holding onto their assets permanently.
This was not Strategy’s first foray into Bitcoin sales; in December 2022, the company executed a tax-loss harvesting strategy by selling 704 BTC at $16,776 each before repurchasing 810 BTC two days later. Le also touched upon macroeconomic challenges affecting Bitcoin, citing uncertainties regarding the Federal Reserve’s interest rates, ongoing global conflicts, and a lack of regulatory clarity from Congress regarding crypto legislation.
Despite these pressures, he maintained a positive long-term outlook for Bitcoin, describing it as a hedge against inflation and governmental overreach. He noted that the current economic landscape could resemble a cyclical downturn similar to the significant pullback experienced in May 2022.
In the immediate aftermath of Strategy’s announcement, Bitcoin faced a steep decline, trading around $61,600 and dropping over 40% from its previous all-time high of $126,198 reached in October 2025. This downturn coincided with record spot ETF outflows estimated between $2.8 billion and $3.5 billion, leading to $1.8 billion in forced liquidations within a single day. Concurrently, shares of MSTR, the company associated with Le, found themselves in a comparable slump, trading between $117 and $127, a decrease of roughly 67% from their 52-week high of $457.
In an effort to restore market confidence, Strategy has resumed its purchasing activity, acquiring 1,550 BTC at an average price of $65,332 between June 1 and June 7. As of late May, the company held an impressive 845,256 Bitcoin, with a total cost basis estimated at around $63.97 billion.
