Strategy Defends Selling 1,600 Bitcoin, Says It Remains the JPMorgan of Crypto

Highlights:

• Strategy sold more than 1,600 BTC for roughly $105 million as part of active capital management.
• Phong Le said Strategy remains a net Bitcoin buyer and is not being forced to sell.
• Michael Saylor called Strategy the “JPMorgan of the crypto economy,” highlighting its broader Bitcoin-focused financial ambitions.

Strategy CEO Phong Le has defended the company’s latest Bitcoin sale, saying it was part of active capital management rather than financial pressure. Strategy sold more than 1,600 BTC last week and raised roughly $105 million. Le discussed the transaction during an August 3 CNBC interview. Strategy plans to use its capital to support preferred-stock dividends, strengthen its U.S. dollar reserve and repurchase preferred shares trading below their stated value.

The sale attracted attention because Bitcoin was trading below $64,000 during the interview. That price was also lower than Strategy’s average Bitcoin acquisition cost of around $75,000 per coin. However, Le rejected concerns that the market decline could force Strategy to sell more Bitcoin. “No, we’re not a force seller of Bitcoin,” Le said.

"Strategy is the JPMorgan of the crypto economy." I join @KellyCNBC and @TheDomino on @CNBC today to discuss $MSTR and $BTC.

00:53 – Bitcoin’s bear cycle, macro headwinds, and how Strategy is navigating volatility through active capital management
02:05 – Legislative clarity as… pic.twitter.com/kAhoZdj52r

— Phong Le (@phongle) August 3, 2026

Strategy Uses Bitcoin Sales to Manage Corporate Capital

Le explained that Strategy actively manages its capital structure during both strong and weak market cycles. Therefore, the company may sell a limited amount of Bitcoin when the transaction supports its wider financial goals.

Bitcoin sales can help Strategy increase its cash reserve, pay dividends or repurchase discounted preferred shares. According to Le, buying back securities below their stated value can improve Bitcoin exposure per common share. He also said investors should compare the recent sale with the amount of Bitcoin Strategy has purchased this year. “We’ve added over 35x the number of Bitcoin that we sold,” Le said.

Strategy has added around 170,000 BTC during the year, according to the CEO. As a result, its recent sales represent only a small part of its overall Bitcoin activity. The company still holds approximately 842,000 BTC. Le said the position represents more than 4% of the total Bitcoin supply that will ever exist.

Strategy also has more than $4 billion in cash in its U.S. dollar reserve. Therefore, the company could pay its dividends without selling Bitcoin. Still, management may use different funding options depending on which decision creates more value for shareholders.

Phong Le Sees Regulation as a Key Bitcoin Catalyst

Le described Bitcoin as being in a bear cycle. He linked the market weakness to uncertain interest rates, geopolitical conflicts, government policy and rising investment in artificial intelligence. Despite those pressures, Le remains positive about Bitcoin’s long-term outlook. He believes clearer U.S. crypto regulations could encourage banks and other financial institutions to increase their digital asset activity.

“The biggest catalyst that’ll start to cause Bitcoin to move forward is legislative clarity,” Le said. He specifically mentioned future rules from the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC) and the U.S. Treasury.

Clearer regulations could support stablecoin adoption and the tokenization of real-world assets. They may also give large financial institutions more confidence to enter the cryptocurrency market. Le also discussed the proposed CLARITY Act, which aims to establish clearer responsibilities for U.S. digital asset regulators. He said crypto rules could move forward through Congress or executive authority.

Michael Saylor Calls Strategy the “JPMorgan of the Crypto Economy”

Michael Saylor later shared Le’s CNBC interview on X and wrote, “Strategy is the JPMorgan of the crypto economy.” Le used the same phrase during the interview while discussing Strategy’s Bitcoin holdings and its role in the digital asset market. Saylor’s post reinforced the company’s wider plan to build a major Bitcoin-focused financial platform.

Strategy is the JPMorgan of the crypto economy. https://t.co/M44xUyGWKe

— Michael Saylor (@saylor) August 3, 2026