Bitcoin's Biggest Corporate Holder Sold Again, CEO Insists It's All Part of the Plan

Strategy dumped 1,638 Bitcoin for $104.7 million on Monday. The company bought back $81.2 million worth of its preferred stock in the same move. It's the latest sale from the world's largest corporate Bitcoin holder, which now owns 842,138 coins worth $53.8 billion.

The moves came as Strategy's stock cratered 40% year-to-date and shed nearly 80% since hitting $474 in November 2024. On CNBC Monday, CEO Phong Le made the case that selling during a downturn is exactly what the company should be doing. He compared Strategy to J.P. Morgan, arguing that rotating out of Bitcoin when capital is needed for buybacks doesn't undermine the core thesis.

"We actively manage our capital structure, we rotate into Bitcoin, we sell Bitcoin when we need to, and we'll continue to do so," Le said. "We'll get through this bear market." The company posted an $8.22 billion paper loss in Q2 2026 alone. Yet Le dismissed the significance of current losses, predicting the stock would soar again next year.

Strategy started buying Bitcoin in August 2020 as a hedge against inflation during the pandemic. The pitch to investors was simple: buy our shares instead of holding Bitcoin yourself, get amplified upside when the market turns. For years it worked. The company was buying almost every week until six weeks ago, when the buying stopped cold. Volatility dips have historically preceded major rallies, though that's no guarantee in a downturn this severe.

Le acknowledged the broader macro headwinds. "Bitcoin is going through a bear cycle right now, and some of that is external macroeconomic," he said. The company survived 2022 with the same strategy of patient accumulation mixed with tactical selling. Whether shareholders believe that playbook works twice is a different question. Strategy's stock tells a story of rising valuations during bull runs and brutal drawdowns when sentiment flips.

This article is for informational purposes only and should not be construed as financial advice. Investment in Bitcoin, corporate Bitcoin holdings, and related assets carries significant risk.