According to ChainCatcher, Strategy CEO Phong Le addressed criticism on Tuesday during an interview with CNBC after the company made its first Bitcoin sale since 2022. Le said the sale was not a retreat from the company’s Bitcoin conviction, but a deliberate and limited test meant to show operational flexibility.
A 32 BTC sale described as a controlled exercise
Between May 26 and May 31, Strategy sold 32 BTC at an average price of $77,135, for a total of about $2.5 million. The amount represented only 0.004% of the company’s total Bitcoin holdings, but the transaction still prompted a strong reaction from the market. Le stressed that the company did not sell Bitcoin because of financial pressure, and instead used the transaction to demonstrate that it could execute a sale if needed.
Le gave three reasons for the sale: to prove that Strategy has the ability to sell when necessary, to confirm that its internal disposal process is fully functional, and to capture a tax-loss opportunity. He also said the company does not need to sell Bitcoin to pay dividends on its STRC preferred shares. During the same period, Strategy still purchased about 1,500 BTC on a net basis.
Retail investors and “crypto anarchists” were the sharpest critics
Discussing the response from shareholders and the broader crypto community, Le said the most intense criticism came from retail investors and “crypto anarchists,” while institutional shareholders were not unsettled by the sale. “When selling Bitcoin is beneficial to common shareholders, we will sell,” he said in the interview, summarizing the company’s rationale for the move.
Bitcoin is currently quoted at about $61,600, down more than 40% from last October’s high of $126,198. MSTR shares are down about 67% from their 52-week high. As of the end of May, Strategy held 845,256 BTC, and the company resumed purchases in early June.