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Phong Le, CEO of Strategy Inc., offered a somewhat defensive response on Tuesday to the criticism following the company’s initial Bitcoin sale since 2022. Speaking to CNBC’s Power Lunch, he characterized the move as a calculated, limited maneuver intended to demonstrate operational agility, rather than a fundamental shift in strategy.
“Our intention was to inoculate the market and to vet our procedures,” Le stated in what the network identified as his first interview. “We confirmed that all systems are functioning correctly.”
From May 26 to May 31, Strategy divested 32 Bitcoin, generating approximately $2.5 million at an average price of $77,135 per coin. Despite this transaction representing a mere 0.004% of the company’s total holdings, it provoked a disproportionately strong market reaction, reviving discussions about whether Michael Saylor’s well-known “never sell” principle was being abandoned.
Le was deliberate in framing the disposition as a balance sheet management decision rather than a reflection of waning confidence. He outlined three primary motivations for the sale: establishing Strategy’s capability to sell when circumstances demand, validating the internal infrastructure for Bitcoin disposals, and creating opportunities for tax-loss harvesting on Bitcoin acquired at lower cost bases. The company’s BTC purchase prices have ranged from $10,000 to $125,000 per coin.
Crucially, he emphasized that the sale was not prompted by financial hardship. “We did not need to sell our Bitcoin to meet our dividend obligations,” Le asserted. “We have the capacity to do so through alternative capital-raising channels.” The revenue from the sale was allocated towards distributions for the company’s STRC perpetual preferred stock.
Le also highlighted that Strategy continued to be a net accumulator: during the same period it sold 32 coins, the company acquired roughly 1,500 Bitcoin on net balance.
The most intense exchange occurred when the host questioned Le about the investor backlash, stemming from the belief that Strategy had committed to never liquidating its Bitcoin reserves. Le acknowledged the discontent but remained firm in his position.
“We are accountable to a group of stakeholders,” he remarked, listing common stockholders, preferred shareholders, debt holders, and Bitcoin holders. “When it aligns with the best interests of our common stockholders for us to sell our Bitcoin, we will proceed accordingly.”
Le suggested that the most vocal critics were individual investors and “crypto anarchists” ideologically devoted to perpetual holding, rather than the institutional investors with whom the company directly engages.
“Our institutional shareholders, with whom we have engaged, do not appear to be unsettled by this,” he stated.
This was not Strategy’s inaugural Bitcoin disposal. In December 2022, the company sold 704 BTC at $16,776 per coin and subsequently repurchased 810 BTC two days later—a maneuver for tax-loss harvesting that capitalized on the absence of a crypto wash-sale rule.
Jeffrey’s chief market strategist, David Zervos, who was also present, inquired about the macroeconomic landscape affecting Bitcoin, noting a downturn in traditional safe-haven assets. Le concurred with the broader economic challenges, identifying three key macroeconomic factors influencing Bitcoin: uncertainty surrounding the Federal Reserve’s interest rate trajectory, two active global conflicts, and a lack of regulatory clarity from Congress regarding forthcoming cryptocurrency legislation.
Nevertheless, Le maintained a positive outlook on Bitcoin’s long-term prospects.
“I do believe Bitcoin serves as a hedge against inflation. I view Bitcoin as a safeguard against expansive government,” he commented, adding that the current environment—potentially a cyclical downturn—parallels the approximately 75% decline observed in May 2022, four years prior.
Bitcoin price and Strategy shares under pressure
The market, for the time being, exhibits less optimism. Bitcoin was trading near $61,600 on June 10, 2026, marking a decrease of over 40% from its all-time peak of $126,198 reached in October 2025. The slump intensified following the Strategy announcement, which coincided with record spot ETF outflows, estimated between $2.8 billion and $3.5 billion, triggering $1.8 billion in forced liquidations within a single day.
MSTR shares have experienced a similar downward trend, trading around $117–$127 this week—a decline of approximately 67% from their 52-week high of $457.
Strategy has since resumed its purchasing activity, acquiring 1,550 BTC at an average price of $65,332 between June 1 and June 7. Analysts interpreted this move as an effort to restore market confidence.
As of the end of May, the company held 845,256 Bitcoin, with a total cost basis approximating $63.97 billion.
Original article : bitcoinmagazine.com