ChainCatcher reported that Strategy CEO Phong Le addressed criticism on Tuesday during an interview with CNBC after the company carried out its first Bitcoin sale since 2022. Le said the transaction was a deliberate and limited test designed to show operational flexibility, rather than a signal that the company was stepping away from its conviction in holding Bitcoin.
A 32-BTC sale framed as a controlled test
Between May 26 and May 31, Strategy sold 32 BTC at an average price of $77,135, for a total value of about $2.5 million. The amount represented only 0.004% of the company’s total Bitcoin holdings, yet it still triggered a strong reaction in the market because Strategy had not sold Bitcoin since 2022.
Le listed three reasons for the sale. First, the company wanted to demonstrate that it could sell Bitcoin when necessary. Second, it aimed to confirm that its internal disposal process was fully functional. Third, the transaction allowed the company to capture a tax-loss opportunity. He stressed that the sale was not caused by financial pressure and said Strategy did not need to sell Bitcoin in order to pay dividends on its STRC preferred stock.
Company still net bought about 1,500 BTC in the same period
According to Le, Strategy still net bought about 1,500 BTC during the same period in which it sold the 32 BTC. Responding to the criticism, he said the strongest objections came from retail investors and “crypto anarchists,” while institutional shareholders were not unsettled by the move.
Le also said in the interview: “When selling Bitcoin is beneficial to common shareholders, we will sell.” The company’s message was that the transaction should be viewed in the context of shareholder interest and operational readiness, not as a broad shift away from its Bitcoin position.
Bitcoin is currently quoted at about $61,600, down more than 40% from its high of $126,198 last October. MSTR shares are down about 67% from their 52-week high. Strategy held 845,256 BTC as of the end of May and resumed purchases in early June.