Strategy sold nearly 6,900 BTC around $60K, rebuilt its cash fortress, paid dividends — and just bought 4,603 back at $80,318. The lesson: Saylor’s company no longer buys Bitcoin by price. It buys by cost of capital.
Sell Bitcoin around $60,000. Wait. Then buy it back around $80,000. And announce that you would happily keep buying at:
$90,000.
$100,000.
Even $130,000.
For the average investor, this sounds insane.
Sell low. Buy high.
Exactly the opposite of everything you are taught.
And yet Strategy CEO Phong Le says the company made the right decision. Not because he thinks Bitcoin was overvalued at $60K. Not because Strategy successfully predicted the next rally. And not because Michael Saylor suddenly became a trader.
The explanation is much more interesting.
Strategy is no longer managing Bitcoin like a Bitcoiner. It is managing Bitcoin like capital.
And that may be the biggest change in Michael Saylor’s experiment since Strategy first started buying BTC in 2020.
The viral version of the story is:
Strategy sold Bitcoin at $60K and bought it back at $80K.
That is broadly true. But the precise numbers are better.
Strategy sold Bitcoin in several batches during the summer.
On June 29–30, it sold 1,363 BTC at an average price of $59,256.
During the following period, it sold another 2,225 BTC at $60,773.
Later, Strategy sold 1,638 BTC at $63,957.
Then another 1,690 BTC at $64,262.
Add those transactions together and Strategy sold roughly:
6,916 BTCfor about:
$429 millionat a weighted average price around:
$62,000 per Bitcoin.
Then Strategy stopped selling.
And on August 31, it announced that it had bought:
4,603 BTCfor:
$369.7 millionat an average price of:
$80,318 per Bitcoin.
Strategy’s total holdings rose to: 845,050 BTC.
Its aggregate acquisition cost now stands at roughly $63.73 billion, or $75,412 per Bitcoin.
The optics are brutal.
Sell around $62K. Buy around $80K.
Difference: roughly $18,000 per Bitcoin.
If this were a retail trader posting the screenshots on X, the replies would be merciless. But Strategy says that is the wrong way to look at the transaction.
And I think Strategy is right.
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This is the most important point.
Phong Le has explained that the sales were not based on a forecast that Bitcoin would fall.
Strategy did not decide:
Bitcoin looks expensive. Let’s sell and buy lower.
It sold because capital was more valuable elsewhere at that moment.
According to Strategy’s filings, Bitcoin sale proceeds were used for several purposes, including:
preferred-stock dividends,
repurchases of STRC preferred shares,
and rebuilding liquidity reserves.
During a Bloomberg TV interview, Le reported that management viewed the sales as a financing decision rather than a Bitcoin-price call. Le also said Strategy could continue buying BTC at $90K, $100K or even $130K if financing conditions made those purchases attractive.
That completely changes the framework.
The question Strategy asks is no longer: Is Bitcoin cheap?
It is: What is the cheapest source of capital available to us right now?
Very different question.
For years, Strategy’s identity was beautifully simple.
Raise money.
Buy Bitcoin.
Never sell.
Repeat.
The company became the purest expression of the Bitcoin treasury trade.
Michael Saylor repeated the philosophy endlessly:
Bitcoin is pristine collateral.
Bitcoin is digital property.
Fiat depreciates.
Bitcoin appreciates.
Why sell the winner to hold the loser?
That logic created one of the most powerful corporate narratives of the Bitcoin era.
Strategy was not merely holding BTC. It was converting corporate capital into Bitcoin as aggressively as financial markets allowed.
But a funny thing happened.
Strategy became too successful. And success made the capital structure more complicated.
Look at the company today.
Strategy has:
