Strategy Inc. (NASDAQ:MSTR) CEO Phong Le said on Wednesday that institutional shareholders were not as unsettled by the company's Bitcoin (CRYPTO: BTC) sales as retail investors and cryptocurrency anarchists.
Strategy CEO Says BTC Sale Blown Out Of Proportion
During an interview with CNBC, Le said that the firm would continue to sell its Bitcoin if “it makes sense” for its common stockholders.
He stated that the latest sale of 32 BTC, worth $2.5 million, was to “test” the company’s processes and wondered why it received so much attention.
“Institutional shareholders that we talk to don’t seem to be unnerved by it,” the CEO added. “I think the unnerving is the retail community that views on never selling your Bitcoin, who are crypto-anarchists. Frankly, we have a lot more than just them as constituents.”
Strategy To Remain BTC’s Biggest Buyer?
Le reiterated his belief in Bitcoin as a hedge against inflation and “big government.”
“We’re the largest holder of Bitcoin in the world. We’re the largest purchaser of Bitcoin in the world. And we’ll continue to be,” he added.
Will Saylor’s Firm Ride Out This Turbulence?
Critics have argued that Strategy’s Bitcoin sale punctured the “never sell” thesis that bullish investors had counted on.
In fact, as recently as February, the firm's founder and Chair, Michael Saylor, stated that the company would not sell its Bitcoin even if the price crashed to $8,000.
The sales triggered a market panic, causing Bitcoin to tumble below $60,000 and the company’s shares to plunge 22%. As of this writing, Strategy’s paper losses on its BTC holdings have ballooned to $11 billion.
And while the firm did resume its BTC buying spree this week, the recovery hasn’t been swift.
Crypto-native trading company Wintermute noted in its market report that retail investors were selling cryptocurrency to chase stock market gains, and U.S. institutions have quietly shifted to a bearish stance. The sale disclosure removed the final reason for bulls to keep holding.
Price Action: At the time of writing, BTC was exchanging hands at $61,429.92, down 2.24% over the last 24 hours, according to data from Benzinga Pro.
Strategy shares fell 1.16% in after-hours trading after closing 1.43% lower at $115.35 during Wednesday’s regular trading session. Year-to-date, the stock has plummeted 24%.
Benzinga’s Edge Stock Rankings indicate that MSTR has underperformed with a weaker price trend across short-, medium-, and long-term timeframes.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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