Strategy sold 6,916 BTC between late June and mid-August at an average price of approximately $62,200, before buying back 4,603 BTC the following week at an average price of $80,318 for a total of $369.7 million. CEO Phong Le stated that both transactions represented « the right trade » at the time, citing the company’s balance sheet and financing costs rather than any prediction of Bitcoin’s price. During the two-month purchasing pause, the company reduced its net debt from roughly $7 billion to zero, lowering its cost of issuing MSTR shares. Strategy now holds 845,050 BTC, valued at approximately $65.4 billion, and has rebranded itself as a « two-way capital management company. »
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