- Strategy CEO Phong Le confirmed the company will resume buying Bitcoin later this year after recent sales drew scrutiny.
- The firm has bought 175,000 BTC and sold 7,000 BTC in 2025, making it a net purchaser by a 25-to-1 margin.
- Sales totaling roughly 1,690 BTC were used to fund dividend payments, share repurchases, and dollar reserves, marking a departure from the “never sell” approach.
- The corporate Bitcoin treasury model faces pressure as companies trade below net asset value, making capital raises more dilutive.
Strategy CEO Phong Le said the company plans to resume accumulating Bitcoin later this year, even after shifting business priorities prompted it to sell portions of its holdings in moves that drew scrutiny from the market. In a Monday interview with FOX Business according to the broadcast, Le revealed that Strategy had purchased around 175,000 Bitcoin since the beginning of the year while selling roughly 7,000 BTC.
That’s “about 25 times more” buying than selling, Le said, adding that the firm has gone from the world’s second-largest institutional Bitcoin holder to the largest. “We’ll get back to buying more Bitcoin throughout the course of the year,” Le stated.
While Strategy has accumulated more than 840,000 BTC, it has sold Bitcoin on four occasions since May, with the most recent sale totaling 1,690 BTC. The company used proceeds from those sales to support preferred stock dividends, share repurchases, and its US dollar reserve.
Despite the relatively small size of the sales compared with overall holdings, Strategy has faced scrutiny for departing from its long-standing “never sell” approach. The shift highlights the competing demands facing Strategy as a public company, including obligations to common and preferred shareholders alongside its Bitcoin accumulation strategy.
The corporate Bitcoin treasury model has come under pressure as weaker market conditions challenge the economics that helped fuel its rapid expansion. Public companies now 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 benefited from a financing cycle in which Bitcoin treasury companies traded at premiums to the value of their BTC holdings, allowing them to raise capital and buy more Bitcoin. However, that cycle becomes more difficult to sustain when companies trade below the net asset value of their Bitcoin holdings because raising new capital becomes increasingly dilutive to shareholders.
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