Strategy CEO Phong Le said in a recent interview with Fox Business that the company plans to resume buying Bitcoin later this year, pushing back on the idea that its recent string of sales signals a retreat from its core accumulation strategy.
The Numbers Behind Le’s Comments
Le said Strategy has purchased roughly 175,000 BTC since the start of 2026 while selling about 7,000 BTC over the same period, a ratio he described as roughly 25 times more buying than selling.
He added that the company has moved from the world’s second-largest institutional Bitcoin holder to the largest during that stretch. “We’ll get back to buying more Bitcoin throughout the course of the year,” Le said.
That 175,000 BTC purchased this year alone represents a meaningful share of Strategy’s total holdings, underscoring that even with the recent sales drawing attention, the company’s net accumulation pace has remained substantial relative to its overall position.
Strategy has sold Bitcoin on four separate occasions since May 2026, with the most recent sale totaling 1,690 BTC. That sale brought the company’s total holdings to 840,447 BTC, continuing a pattern our earlier coverage of Michael Saylor and Strategy’s Bitcoin strategy has tracked since the company’s first, smaller symbolic sale back in June.
Why Strategy Is Selling at All
Le tied the recent sales directly to two specific financial priorities rather than any change in long-term strategy.
The company is working to rebuild its US dollar reserves and to support its STRC preferred stock, which pays a bi-monthly dividend yielding 12%. “When Stretch gets back to par, we’ll issue more. We’ll buy more Bitcoin,” Le said, using an informal reference to the STRC preferred stock.
The strategy is specifically to push STRC’s share price back to its $100 par value. The stock was trading at $95.32 at the time of writing.
The most recent sale raised $108.6 million from 1,690 BTC, alongside a separate $653.1 million from the sale of 6.59 million shares of common stock, for a combined total of roughly $761 million.
Strategy used the BTC sale proceeds specifically to repurchase 1,152,020 shares of its preferred stock at a matching cost of $108.6 million. The company’s cash reserves currently stand at $4.65 billion.
Notably, Strategy’s average Bitcoin purchase price sits at $75,385, meaning the company is selling BTC at a loss at current prices, a detail that adds real financial weight to why liquidity, in Le’s own words, is Strategy’s main priority right now.
The Broader Corporate Bitcoin Treasury Model Is Under Pressure
Strategy’s situation reflects a wider strain across the corporate Bitcoin treasury model. Public companies collectively hold more than 1.26 million BTC, trailing exchange-traded funds and other funds, which hold more than 1.6 million BTC, according to BitcoinTreasuries.NET.
The model has historically operated through a financing cycle in which treasury companies traded at a premium to the value of their underlying Bitcoin holdings, enabling them to raise capital and buy more BTC, according to Novaque Research.
That cycle becomes considerably harder to sustain once a company’s stock trades below the net asset value of its Bitcoin holdings, since raising fresh capital in that environment becomes increasingly dilutive to existing shareholders.
What Comes Next
Strategy has not given a specific date for when it expects its dollar reserve and STRC par-value targets to be met, so “later this year” remains Le’s own general timeframe rather than a firm milestone. The next few sales, or the absence of any, will likely be the clearest early signal of how close the company is to that resumption point.
What this means for you: Le’s comments frame the recent sales as a temporary liquidity-management phase tied to specific, named obligations, the dollar reserve and the STRC dividend, rather than a permanent shift away from accumulation.
Disclosure: The writer holds Bitcoin.
