> ## Content Index > Fetch the complete content index at: https://wire.fourthweb.ai/llms.txt > Use this file to discover other available public pages before exploring further. # Strategy Sold Bitcoin at $95K, Bought Back at $106K—And Says It Was the Right Call - URL: https://wire.fourthweb.ai/strategy-sold-bitcoin-at-95k-bought-back-at-106k-and-says-it-was-the-right-call/ - Published: 2026-09-03T11:43:14.000Z - Updated: 2026-09-03T12:01:35.000Z - Description: When the world's loudest Bitcoin bull sells low and buys high, either he's lost his mind or the rest of us are still thinking in the wrong timeframe. Strategy sold nearly 7,000 BTC around $60k, then resumed buying above $80k, calling it the "right trade" based on capital costs, not price timing - Author: Travis Wright - Tags: Real World Assets, Institutional Crypto, Bitcoin, Ethereum **When the world's loudest** [**Bitcoin**](https://wire.fourthweb.ai/tag/bitcoin/) **bull sells low and buys high, either he's lost his mind or the rest of us are still thinking in the wrong timeframe.** ### The Summary - [Strategy sold nearly 7,000 BTC around $60k, then resumed buying above $80k](https://www.theblock.co/news/business/2026-09-02-strategy-ceo-says-selling-bitcoin-at-60000-before-buying-at-80000-was-the-right-trade-413323?ref=wire.fourthweb.ai), calling it the "right trade" based on capital costs, not price timing - [CEO Phong Le says the company won't sell during this bull market](https://cryptobriefing.com/strategy-ceo-phong-le-bitcoin-holding-commitment/?ref=wire.fourthweb.ai), signaling the temporary sale was an arbitrage play on corporate debt markets, not a bet against Bitcoin - [Strategy and peer Bitmine now control over 4% of Bitcoin and Ethereum's circulating supply](https://www.bankless.com/read/news/strategy-snaps-its-bitcoin-pause-as-bitmine-s-eth-buying-streak-continues?ref=wire.fourthweb.ai), making their capital decisions market-moving events - The defense reveals how corporate treasury Bitcoin strategies operate on cost-of-capital math invisible to retail holders watching price charts ### The Signal Strategy CEO Phong Le just gave the market a masterclass in thinking like a CFO instead of a trader. [His company sold nearly 7,000 BTC in the low $60k range](https://decrypt.co/377215/right-trade-strategy-no-regrets-selling-bitcoin?ref=wire.fourthweb.ai), watched Bitcoin climb to $80k, then resumed buying at the higher price. To anyone tracking prices, this looks like textbook incompetence. To Le, it was the right move because [the decision hinged on cost of capital, not Bitcoin's spot price](https://www.theblock.co/news/business/2026-09-02-strategy-ceo-says-selling-bitcoin-at-60000-before-buying-at-80000-was-the-right-trade-413323?ref=wire.fourthweb.ai). Here's what that means in practice. Strategy doesn't buy Bitcoin with cash sitting in a bank account. It issues convertible debt and equity, timing those raises to market conditions. When debt markets tightened and the cost to raise capital spiked, the math flipped. Selling a small percentage of holdings at $60k to lock in gains made more sense than issuing expensive debt or dilutive equity to fund operations and future buys. > "Strategy's Bitcoin strategy isn't about catching bottoms. It's about arbitraging the spread between corporate debt costs and Bitcoin's long-term trajectory." [The sale represented what Le called a "miniscule" amount of their total position](https://bitcoinmagazine.com/news/strategy-ceo-phong-le-defends-bitcoin-sale?ref=wire.fourthweb.ai), and [the company has now resumed accumulation](https://decrypt.co/377014/morning-minute-saylors-back-buying-bitcoin?ref=wire.fourthweb.ai) as capital markets reopened on better terms. This isn't a flip-flop. It's dynamic treasury management. The company threaded a needle: raised cash, bought back in, and maintained the larger position while optimizing their balance sheet. What makes this noteworthy is the scale. [Strategy and Bitmine collectively own more than 4% of Bitcoin and Ethereum's circulating supply](https://www.bankless.com/read/news/strategy-snaps-its-bitcoin-s-pause-as-bitmine-s-eth-buying-streak-continues?ref=wire.fourthweb.ai). When entities this large move, they don't just react to markets. They are the market. Every decision sends a signal. Retail sees "sold the bottom, bought the top" and panics. Institutions see "optimized capital structure, maintained conviction" and take notes. Key differences between Strategy's approach and retail holders: - Retail optimizes for entry price. Strategy optimizes for cost of capital. - Retail measures success in unrealized gains. Strategy measures in balance sheet efficiency. - Retail holds because they believe. Strategy holds because the math works across multiple time horizons. [Le's statement that Strategy won't sell during the current bull market](https://cryptobriefing.com/strategy-ceo-phong-le-bitcoin-holding-commitment/?ref=wire.fourthweb.ai) is the real tell. The brief pause wasn't a loss of faith. It was a recognition that corporate treasurers operate in two markets simultaneously: the asset market and the capital market. Sometimes the best Bitcoin trade is a debt trade. ### The Implication If you're building a company with a Bitcoin treasury strategy, this is your playbook. Price is one variable, not the only variable. Your cost of capital matters more than your cost basis. Strategy just proved you can sell, rebuy higher, and still execute the right strategy if your capital structure improves in the process. For the rest of us watching these corporate buyers accumulate 4%+ of major crypto assets, understand this: their selling doesn't mean the thesis broke. It often means the opposite. They're confident enough in the long-term bet to optimize short-term capital efficiency. That's not bearish. That's institutional. ### Sources [Decrypt](https://decrypt.co/377264/morning-minute-strategy-ceo-says-selling-the-bottom-was-correct-move?ref=wire.fourthweb.ai) | [Crypto Briefing](https://cryptobriefing.com/strategy-ceo-phong-le-bitcoin-holding-commitment/?ref=wire.fourthweb.ai) | [Bitcoin Magazine](https://bitcoinmagazine.com/news/strategy-ceo-phong-le-defends-bitcoin-sale?ref=wire.fourthweb.ai) | [The Block](https://www.theblock.co/news/business/2026-09-02-strategy-ceo-says-selling-bitcoin-at-60000-before-buying-at-80000-was-the-right-trade-413323?ref=wire.fourthweb.ai) | [Bankless](https://www.bankless.com/read/news/strategy-snaps-its-bitcoin-pause-as-bitmine-s-eth-buying-streak-continues?ref=wire.fourthweb.ai)