Strategy’s chief executive Phong Le has clarified that the company’s recent sale of 32 Bitcoin was purely a procedural test, not a reflection of any liquidity crunch. Speaking in a June 13 interview, Le explained that the small transaction was designed to check internal systems for selling Bitcoin and to minimize potential market disruption. The move, which generated around $2.5 million at an average price of $77,135 per BTC, was previously disclosed in an SEC filing that mentioned the proceeds would cover preferred stock dividends. However, Le emphasized that Strategy has ample alternative funding sources, including equity and preferred stock mechanisms, so there is no pressure to sell Bitcoin for cash needs.
The CEO also highlighted that the sale created tax losses that could offset future tax obligations, further underscoring its strategic nature. He stated that when deciding between selling Bitcoin or issuing stock, the company will rely on mathematical analysis rather than ideological commitment. If a Bitcoin sale enhances Bitcoin per share for common holders, that option may be chosen; otherwise, share issuance could be preferred. Le downplayed the risk of forced selling, noting that the most plausible scenario involves about $3.5 billion in preferred obligations due in 2028, but refinancing or converting those into equity remains viable. He described a forced sale as an extreme case, not a likely outcome.
Immediately after the test sale, Strategy continued its Bitcoin acquisitions, purchasing 1,550 BTC for nearly $101.3 million between June 1 and June 7. This brought its total holdings to 845,256 BTC and boosted its cash reserve to $1 billion. Meanwhile, Michael Saylor has introduced a new metric called Common Equity Bitcoin Exposure BPS, or CEBE BPS, to help investors gauge risk. He argues that while Bitcoin Per Share tracks common equity growth, CEBE BPS accounts for debt, preferred stock, and dividend costs, providing a more conservative view of exposure. The widening gap between these metrics highlights the increasing senior claims on Strategy’s Bitcoin stash, making it essential for investors to monitor both figures.