Strategy, which had stated for a long time that it would not sell Bitcoin but subsequently sold BTC twice, has now formalized its sales.
While this situation reduces the risk of the company’s sales falling due to the BTC price, Strategy CEO Phong Le stated that they have not abandoned their BTC buying strategy.
Speaking to Bloomberg, Strategy CEO Phong Le stated that the company’s financial structure is strong and that its BTC strategy and purchases are not putting pressure on the company.
Lee stated that the Bitcoin price and purchases would need to fall to levels between $8,000 and $10,000 for it to create significant debt pressure on the company.
Le stated, “When Bitcoin approaches the $8,000-$10,000 range, we need to assess some risks related to our debt. However, at current levels, we are extremely confident in our balance sheet.”
The renowned CEO, recalling Bitcoin’s past experience of weathering numerous sharp declines and bull cycles, stated that Strategy has remained afloat despite challenging market conditions in both 2022 and this year, and will likely weather this bear market as well.
He also added that the company is preparing for its next growth cycle.
The Company’s USD Reserves Reach $3 Billion!
The CEO announced that the company’s cash reserves have increased to approximately $3 billion thanks to a recent share sale.
Le stated that this step was taken specifically to respond to the higher liquidity demands of preferred shareholders, and that the company’s priority was to bring the nominal value of the preferred stock, STRC, back to the $100 level.
He then added that new preferred shares would be issued and a significant portion of the funds raised would be used again to purchase Bitcoin.
We Don’t Control the Bitcoin Market!
Addressing criticisms that Strategy has excessive influence over the Bitcoin market, Le emphasized that the Bitcoin it holds represents only 4% of the total supply.
Le, noting that the daily Bitcoin trading volume exceeds $30 billion, pointed out that the price rose despite Strategy recently selling approximately $200 million worth of Bitcoin, indicating that the company is not driving the market alone.
We Haven’t Given Up, We Will Continue Buying Bitcoin!
The renowned CEO emphasized that despite the company’s recent sales, it has no plans to abandon its Bitcoin accumulation strategy and aims to remain the largest buyer of BTC.
“We’re not going anywhere. Our goal is to become the biggest buyer of Bitcoin for the foreseeable future.”
