Strategy CEO Phong Le defended selling roughly 7,000 BTC near $60,000-$65,000 before repurchasing 4,603 BTC at an average $80,318, saying buy and sell decisions follow the cost of capital rather than bitcoin’s market price. More detailed figures place the summer sales at about 6,916 BTC averaging near $62,081, with proceeds used for preferred dividends and restructuring under a two-way framework that can include board-authorized liquidations of up to $1.25 billion. After a roughly two-month pause, Strategy funded the late-August buy of $369.7 million of bitcoin by issuing about $602.8 million of common equity, lifting holdings to 845,050 BTC—just over 4% of supply—at an average cost of $75,412, while expanding dollar assets to $6.71 billion against $6.75 billion of convertible bonds and cutting net leverage to zero. The company’s total reserve capital has reached $66 billion, the second-largest among S&P 500 financial companies after Berkshire Hathaway, as it keeps buying bitcoin with stock and bond proceeds and holds separate cash-equivalent reserves for dividends and debt service. MSTR has fallen 64% over the trailing twelve months to $123.47, with bitcoin near $76,900 as of September 2. Le said the firm would buy at much higher prices if financing economics support it, or sell again if balance-sheet needs require it, while a separate statement that Strategy does not buy or sell bitcoin conflicts with the disclosed transactions.