Strategy's management apparently decided to respond to ridicule within the crypto community over the company having sold Bitcoin at local lows and resumed buying noticeably higher. In an interview today, CEO Fang Lee attempted to explain the logic behind those trades, insisting that decisions were driven by cost of capital rather than the cryptocurrency's price itself. Bitcoin meanwhile continues to slide, approaching $76,000.
The crux of the complaints is simple and arithmetical. We recently reported that Strategy sold roughly 7,000 Bitcoins at prices between $60,000 and $65,000, then resumed purchases at around $80,000. A $15–20k gap per coin means the company effectively missed out on more than a hundred million dollars, and that sequence of actions became the object of market mockery in a space where Michael Saylor's strategy has traditionally been presented as relentless accumulation regardless of price.
Lee framed the defense around the timeliness of each individual trade. "It was the right trade at that point in time to sell Bitcoin to fund part of our dividend," he said, adding, "It is the right trade at the current point in time to sell MSTR at a premium and buy Bitcoin." In other words, the company portrays itself not as a pure holder but as an arbitrageur between its own shares and the cryptocurrency.
Notably, during the roughly ten-week pause Strategy was focused on strengthening the balance sheet. According to Lee, net debt was reduced from about $7 billion to zero, and cash reserves were increased to roughly $7 billion. That is presented as the main justification for the sales: the company exchanged crypto exposure for financial resilience.
Recall that the return to buying was fairly large-scale. Last week, Strategy purchased 4,603 Bitcoins for about $369.7 million at an average price of $80,318, bringing its holdings to 845,050 coins worth roughly $65 billion at current prices.
Trading recommendations
Bitcoin
Buyers are now targeting a return to $77,500, which opens a clear path to $79,200. From there, $81,300 is within reach — a breach of which would signal attempts to reclaim a bull market. On the downside, buyers are expected at $75,300. A drop below that zone could quickly push BTC toward $72,800. The most distant target would be around $71,100.
Ethereum
A clear hold above $2,443 opens a direct route to $2,504. The furthest target would be the high around $2,557; surpassing that would indicate strengthening bullish sentiment and a return of buyer interest. On the downside, buyers are expected at $2,373. A return below that area could quickly push ETH toward $2,320. The most distant target would be around $2,274.
What's on the chart
- The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
- The green line shows the 50-day moving average.
- The blue line is the 100-day moving average.
- The lime line is the 200-day moving average.
Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.
