Strategy CEO Phong Le says the firm plans to resume adding Bitcoin later this year, even after recent asset sales that have triggered renewed scrutiny from investors and market observers.

In a Monday interview with FOX Business, Le said Strategy purchased about 175,000 BTC since the start of the year while selling roughly 7,000 BTC, describing the activity as “about 25 times more” buying than selling. He also said Strategy has moved from being the world’s second-largest institutional Bitcoin holder to the largest.

Key takeaways

Strategy says it intends to restart accumulating Bitcoin later this year, after a year-to-date pattern of heavy net buying.
According to Le, Strategy bought ~175,000 BTC since January and sold ~7,000 BTC year-to-date—netting a large imbalance toward accumulation.
The company has sold Bitcoin on four occasions since May, with the latest reported sale totaling 1,690 BTC.
BitcoinTreasuries.NET data suggests public companies collectively hold more BTC than exchange-traded products and other funds, but the treasury “premium” financing model is under strain.

A pledge to buy more, after sales drew questions

Le told FOX Business that Strategy expects to “get back to buying more Bitcoin throughout the course of the year.” That statement comes after the firm shifted part of its approach—at least temporarily—from its long-standing narrative of avoiding Bitcoin sales whenever possible.

While Strategy’s sales have remained small relative to its total stash, the decision to sell has been closely watched because it represents a departure from the “never sell” stance that helped establish its credibility with long-term Bitcoin-focused shareholders.

Strategy has accumulated more than 840,000 BTC, but it has reportedly sold Bitcoin on four occasions since May. The most recent sale, according to the interview context, totaled 1,690 BTC. Le’s broader argument appears to be that the company can still prioritize net accumulation while meeting other corporate obligations.

Why Strategy’s sales matter to investors

Even limited selling can have outsized signaling effects for a company built around a Bitcoin treasury strategy. The concern is not only about the immediate numbers, but about what the sales suggest regarding internal trade-offs.

The proceeds from Strategy’s recent Bitcoin sales have been used to support preferred stock dividends, share repurchases, and its U.S. dollar reserve. That mix highlights a core tension for any public company holding large BTC reserves: management must balance capital preservation and growth with shareholder payouts, equity-market expectations, and liquidity requirements.

Le’s “25 times more” framing underscores that Strategy’s year-to-date behavior still leans toward accumulation. However, the very fact that the company has made multiple sales since May suggests conditions have required more flexibility than the firm’s earlier messaging implied.

Earlier coverage from Cointelegraph noted that Strategy’s earlier capital and balance-sheet approach aimed to preserve Bitcoin exposure while also addressing returns to shareholders, including through a capital framework designed to fund dividends. The latest remarks reinforce that Strategy is trying to maintain that direction while navigating the pressures of public-company financing constraints.

The broader corporate treasury model faces a tougher environment

Strategy’s challenge fits into a larger pattern across the corporate Bitcoin treasury sector. Corporate holdings have continued to grow, but weaker market conditions make the traditional economics of the model harder to sustain.

According to BitcoinTreasuries.NET, public companies hold more than 1.26 million BTC, while trailing exchange-traded funds and other funds hold more than 1.6 million BTC. The size of the holdings suggests institutional accumulation remains active, but it does not automatically solve the capital question that determines how quickly companies can keep buying.

NOVAQUE Research has previously described the financing cycle that powered rapid expansion: when Bitcoin treasury companies traded at premiums to the net asset value of their BTC holdings, they could raise capital through equity or debt and then deploy proceeds to purchase more Bitcoin. That premium effectively reduced the dilution cost for shareholders because the market was valuing the companies above the value of their BTC.

In more difficult market regimes, that cycle becomes harder to maintain. When shares trade below net asset value, new fundraising can dilute existing holders more than it would in a premium environment—making continued aggressive accumulation financially less straightforward. Cointelegraph previously noted this shift in market dynamics in an analysis of how trade and holdings trends have changed for funds and BTC-holding entities.

What to watch next for Strategy

Strategy’s stated plan to resume accumulating Bitcoin later this year will likely be judged against two practical signals: whether future BTC purchases appear to outweigh any continued liquidity needs, and whether management’s willingness to sell—however small—persists as market conditions evolve. With the corporate treasury model sensitive to share-price-to-NAV dynamics, investors may also watch whether Strategy can keep access to capital on terms that don’t force meaningful dilution.