STRATEGY CEO DEFENDS SELLING BTC LOW, BUYING HIGH

Summary from the TLDR Crypto newsletter

CEO Phong Le defended Strategy's sale of ~7,000 BTC at $60K-$65K (to fund preferred dividends) ahead of resuming purchases near $80K, framing both moves as driven by capital costs, not price predictions. During the ~10-week pause, the company cut net debt from ~$7B to zero and built ~$7B in cash. The sold BTC was under 1% of holdings. Strategy grew its stack ~30% this year and says it would keep buying at $90K-$130K if capital economics stay favorable. Bernstein kept an Outperform rating but cut its price target to $350 from $450.