Strategy CEO Says Bitcoin Is Entering a "Pretty Heavy Bull Market" as Firm Abandons BTC Sales

Strategy CEO Phong Le has squashed rumours that the Bitcoin treasury company will continue selling its BTC holdings in the coming weeks. Le, in an interview with Bloomberg, disclosed that Strategy is buying mode again, noting that Bitcoin is now showing signs of entering a heavy bull market.

Strategy CEO braces for higher Bitcoin prices

Phong Le has confirmed that Strategy’s BTC accumulation is in full swing again after 10 weeks without a single Bitcoin purchase. Le disclosed that Strategy is unlikely to sell any more of its BTC holdings, citing an incoming Bitcoin rally after months of muted price performance.

“I don’t foresee us selling Bitcoin as we enter into what I consider a pretty heavy bull market. We will be buying Bitcoin at $80K and likely be buying BTC at $90K, $100K, and when it hits a new all-time high of $130K.” 

At the start of the week, Strategy made its first BTC purchase in 10 weeks, scooping 4,603 BTC for $369 million. Before the purchase, executive chairman Michael Saylor hinted at a return to buying ways in an X post with the caption, “We’re Back.”

Strategy’s latest acquisition comes on the heels of a strong Bitcoin resurgence. At the tail end of August, Bitcoin's price recorded its largest weekly surge since 2023, sparking optimism for a fresh bull market.

Furthermore, Bitcoin bull market chatter has surged in recent weeks, with Cryptoquant confirming the thawing of an extended crypto winter. Strategy’s top brass share a similar sentiment that BTC is primed for higher prices, with Le downplaying fears of short-term Bitcoin selling. 

Defending Strategy’s BTC sales

In the Bloomberg interview, Le defended Strategy’s decision to offload a portion of its Bitcoin holdings. Le noted that selling BTC in the $60,000 - $65,000 range was the right trade at the time, as it allowed the company to fulfill its legal obligations to shareholders.

For context, Strategy sold around 7,000 BTC in its two-month selling spree, accounting for less than 1% of its total Bitcoin holdings. Le added that Strategy follows a “two-way accumulation strategy,” selling its BTC when it makes financial sense.

According to Le, the BTC sales allowed Strategy to shore up its balance sheet. During the period, Strategy increased its USD reserves to $7 billion, an impressive 34% increase in two months.

Furthemore, Strategy reduced its net debt to zero while the value of its total assets topped $72 billion. The sales allowed Strategy to build a “bulletproof balance sheet,” allowing it to continue its BTC accumulation spree at higher prices.

Le added that the company has no regrets about selling BTC at 60K and buying again at 80K, noting that it will always be a net accumulator of the currency.