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Strategy links Bitcoin trades to capital costs
Speaking on Bloomberg Crypto on September 1, Le said the earlier sales and the latest purchase were both appropriate because Strategy's financing conditions had changed between the transactions. Strategy purchased 4,603 BTC for $369.7 million between August 24 and August 30 at an average price of $80,318, according to an August 31 regulatory filing. The purchase lifted its holdings to 845,050 BTC, acquired for approximately $63.73 billion at an average cost of $75,412 per coin.
Le said Strategy does not decide whether to buy or sell Bitcoin solely by comparing the cryptocurrency's current price with past levels. Instead, management considers the cost of raising capital and the return it expects from deploying that capital. If Strategy can issue common shares at a premium to the value of its assets, it may use the proceeds to buy Bitcoin while increasing Bitcoin exposure on a per-share basis.
The position explains why Strategy considered selling Bitcoin between approximately $60,000 and $65,000 reasonable while later paying more than $80,000. The transactions occurred under different balance sheet and financing conditions. Le said issuing MSTR shares had become attractive again because the stock was trading at a premium. Strategy sold approximately $602.8 million of common shares during the week that ended August 30, using part of the proceeds for its Bitcoin purchase.
Bitcoin sales funded financial obligations
Le said Strategy sold roughly 7,000 BTC during its balance sheet restructuring, describing the amount as minuscule relative to its total holdings. Strategy's public Bitcoin ledger records sales of 2,225 BTC in early July, 1,638 BTC in early August, and 1,690 BTC the following week. Those three disclosed reductions total 5,553 BTC. The company had also reported selling approximately $218.4 million of Bitcoin earlier in 2026 to fund part of its preferred dividend obligations.
Le said selling Bitcoin to pay preferred dividends was the right trade at the time. Strategy had already committed to regular payments on its preferred securities and needed dollar liquidity to meet those obligations without relying entirely on new financing. The sales represented a departure from Strategy's earlier reputation as a company that only accumulated Bitcoin. Its board formally authorized a Bitcoin monetization program in June, allowing management to sell BTC to finance its dollar reserve, pay dividends and interest, repurchase securities, or meet other approved obligations.
Net leverage falls to zero
Le said Strategy used the pause in Bitcoin purchases to strengthen its balance sheet. Over roughly two months, it increased dollar assets while reducing its net exposure to convertible debt. The company reported $6.71 billion in USD assets as of August 30, comprising cash and other dollar-denominated holdings allocated across its designated reserve and general corporate liquidity. Its convertible debt stood at approximately $6.75 billion.
Strategy therefore reported net leverage of 0.0% because its company-defined calculation subtracts dollar assets from outstanding debt before comparing the balance with its Bitcoin reserve. Net leverage of 0.0% does not mean Strategy has eliminated its legal debt or preferred stock obligations. The company continues to have convertible notes outstanding and must make preferred dividend payments. The metric instead shows that its dollar assets nearly offset the principal value of its convertible debt.
Two-way Bitcoin strategy going forward
Le said Strategy now operates a two-way strategy. It may sell Bitcoin when doing so improves its capital structure, even though it intends to remain a net accumulator over time. The framework makes Bitcoin one component of Strategy's financing system rather than an asset that can never be sold. Management can compare BTC sales with common equity issuance, preferred offerings, repurchases, and cash usage.
Le said Strategy could continue purchasing Bitcoin at $90,000, $100,000, or $130,000 if the cost of capital makes those purchases attractive. The company would also consider selling Bitcoin again if the proceeds were more valuable elsewhere in its capital structure. The August 31 purchase confirms that Strategy has resumed its accumulation path, but the two-way policy means future sales remain possible depending on financing conditions and corporate obligations.
