Strategy CEO says 32 BTC sale was a test, not a cash need

cryptonews06-14 21:16

Strategy CEO Phong Le said the company’s 32 BTC sale was a test of its process and not a sign that the firm needed cash for dividends. Summary Phong Le said Strategy’s 32 BTC sale tested ...

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The average sale price was $77,135 per BTC. The filing said proceeds were expected to fund preferred stock distributions, which led some investors to question whether Strategy might need to sell more Bitcoin later.Saylor said CEBE BPS is the conservative risk metric. That matters because Strategy’s Bitcoin model","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"07799":"南方两倍做多MSTR","CBOY":"Calamos Bitcoin Structured Alt Protection ETF - July","BCCC":"Global X Bitcoin Covered Call ETF","BTCO":"比特币ETF-Invesco Galaxy","BK4585":"ETF&股票定投概念","CBXJ":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - January","MSDD":"2倍做空MSTR ETF-GraniteShares","MSTP":"2倍做多MSTR ETF-GraniteShares","3SMI.UK":"GRANITESHARES 3X SHORT MSTR DAILY ETP","BITU":"2倍做多比特币期货ETF-Proshares","ARKB":"比特币ETF-21Shares","CBXA":"Calamos Bitcoin 90 Series Structured Alt Protection ETF – April","MSTR":"Strategy","XBTY":"GraniteShares YieldBOOST Bitcoin ETF","MSOO":"2倍上限加速MSTR ETF-Leverage Shares","SMST":"2倍做空MSTR ETF-Defiance","CBXO":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - October","APED":"STKd 100% MSTR & 100% COIN ETF","MSTY.UK":"YIELDMAX MSTR OPTION INCOME STRATEGY ETC","BAGY":"Amplify Bitcoin Max Income Covered Call ETF","HODL":"比特币ETF-VanEck","SMI3.UK":"GRANITESHARES 3X SHORT MSTR DAILY ETP","BK4516":"特朗普概念","QBF":"Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly","CBXY":"Calamos Bitcoin 90 Series Structured Alt Protection ETF - July","BTCW":"比特币ETF-Wisdom Tree","IMST":"MSTR期权收益策略ETF-Bitwise","MSTU":"2倍做多MSTR ETF-T-Rex","CBOA":"Calamos Bitcoin Structured Alt Protection ETF - April","3LMI.UK":"GRANITESHARES 3X LONG MSTR DAILY ETP","MSTW":"Roundhill MSTR WeeklyPay ETF","MSII":"REX MSTR Growth & Income ETF","MSTK":"Tuttle Capital MSTR 0DTE Covered Call ETF","BITY":"Amplify Bitcoin 2% Monthly Option Income ETF","CBOJ":"Calamos Bitcoin Structured Alt Protection ETF - January","BK4596":"哈里斯概念","WNTR":"做空MSTR期权收益策略ETF-YieldMax","BITB":"比特币ETF-Bitwise","CBTA":"Calamos Bitcoin 80 Series Structured Alt Protection ETF – April","MTYY":"GraniteShares YieldBOOST MSTR ETF","BFJL":"FT Vest Bitcoin Strategy Floor15 ETF - July","BK4588":"碎股","MSTX":"2倍做多MSTR ETF-Defiance","BK4600":"加密货币概念","09799":"南方两倍做多MSTR-U","LMI3.UK":"GRANITESHARES 3X LONG MSTR DAILY ETP","DFII":"FT Cboe Vest Bitcoin Strategy & Target Income ETF","BTC":"Grayscale Bitcoin Mini Trust","DEFI":"比特币期货ETF-Hashdex","MSTY":"MSTR期权收益策略ETF-YieldMax","SBIT":"2倍做空比特币期货ETF-Proshares","BITI":"1倍做空比特币期货ETF-Proshares","BTCC":"Grayscale Bitcoin Covered Call ETF","EZBC":"比特币ETF-Franklin","BK4595":"比特币概念","MSTZ":"2倍做空MSTR ETF-T-Rex","09399":"XI二南策略-U","CBOO":"Calamos Bitcoin Structured Alt Protection ETF - October","CBTO":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - October","MSST":"YieldMax MSTR Performance & Distribution Target 25 ETF","BK4023":"应用软件","GBTC":"比特币ETF-Grayscale","07399":"XI二南策略","BITO":"比特币期货ETF-ProShares","CBTY":"Calamos Bitcoin 80 Series Structured Alt Protection ETF - July","BPI":"Grayscale Bitcoin Premium Income ETF","MST":"做多杠杆+收益MSTR ETF-Defiance","BFAP":"FT Vest Bitcoin Strategy Floor15 ETF - April","FBTC":"比特币ETF-Fidelity"},"translate_title":"Strategy首席执行官表示出售32 BTC是一次测试，而不是现金需求","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"07799":0.6,"MSTY":0.6,"BAGY":0.6,"MSTP":0.6,"FBTC":0.6,"SMST":0.6,"3SMI.UK":0.6,"MSTW":0.6,"QBF":0.6,"MSII":0.6,"BFAP":0.6,"CBOY":0.6,"CBTY":0.6,"CBTO":0.6,"APED":0.6,"CBXO":0.6,"BTCC":0.6,"09399":0.6,"MSDD":0.6,"CBXY":0.6,"BTCW":0.6,"09799":0.6,"MSTK":0.6,"3LMI.UK":0.6,"CBOJ":0.6,"BITY":0.6,"BFJL":0.6,"ARKB":0.6,"IMST":0.6,"BITU":0.6,"CBTA":0.6,"LMI3.UK":0.6,"BITI":0.6,"BCCC":0.6,"WNTR":0.6,"DFII":0.6,"MSTR":1.96,"MSTU":0.6,"BTCO":0.6,"XBTY":0.6,"CBXA":0.6,"MSTX":0.6,"BITO":0.6,"MSOO":0.6,"CBOO":0.6,"CBOA":0.6,"GBTC":0.6,"SBIT":0.6,"EZBC":0.6,"HODL":0.6,"MSTY.UK":0.6,"MSTZ":0.6,"BPI":0.6,"CBXJ":0.6,"BITB":0.6,"BTC":0.6,"07399":0.6,"MST":0.6,"DEFI":0.6,"MSST":0.6,"MTYY":0.6,"SMI3.UK":0.6},"content_text":"Strategy CEO Phong Le said the company’s 32 BTC sale was a test of its process and not a sign that the firm needed cash for dividends. \n\n\nSummary\n\n\n\nPhong Le said Strategy’s 32 BTC sale tested internal systems, not a dividend funding need.\nStrategy still bought 1,550 BTC afterward, lifting total holdings to 845,256 Bitcoin by June 7.\nSaylor’s CEBE BPS metric shifts investor focus toward debt, preferred stock and common shareholder risk.\n\n\n\nIn a June 13 interview, Le said the sale helped “inoculate the market” and gave Strategy a way to check how an internal Bitcoin sale would work.\nThe company sold 32 Bitcoin between May 26 and May 31 for about $2.5 million, according to its SEC filing. The average sale price was $77,135 per BTC. The filing said proceeds were expected to fund preferred stock distributions, which led some investors to question whether Strategy might need to sell more Bitcoin later.\nStrategy says sale not tied to dividend pressure\nLe pushed back on that reading. He said Strategy did not sell Bitcoin because it needed to meet cash dividend obligations. He said the company still has other funding channels, including equity and preferred stock tools, to support its capital structure.\nHe also said the sale created tax losses that may offset related taxes in future periods. The point, according to Le, was to test the process, reduce market shock around the idea of selling, and keep the company ready if a small sale later benefits common shareholders.\nThe CEO said Strategy would use math over ideology when choosing between selling Bitcoin and issuing stock. If a Bitcoin sale improves Bitcoin per share for common holders, the company may choose that path. If share issuance works better, it can use that route instead.\nForced selling remains an edge case\nLe also addressed the chance of a forced Bitcoin sale. He said the most realistic case would involve about $3.5 billion of preferred obligations due in 2028. If Bitcoin fell sharply and Strategy’s share price stayed weak, the company could sell Bitcoin to meet those obligations.\nLe described that outcome as an “edge case.” He said Strategy could also refinance or convert those obligations into equity. That means a Bitcoin sale is not the only available path if market conditions worsen.\nAs previously reported by crypto.news, Strategy bought 1,550 BTC for about $101.3 million between June 1 and June 7 after the 32 BTC sale. The purchase lifted its total holdings to 845,256 BTC. Strategy also raised its U.S. dollar reserve to $1 billion.\nSaylor metric puts risk in focus\nThe debate comes as Michael Saylor has tried to clarify how investors should measure Strategy’s Bitcoin exposure. Earlier today, crypto.news reported that Saylor said Bitcoin Per Share tracks common equity growth, while Common Equity Bitcoin Exposure BPS, or CEBE BPS, tracks Bitcoin exposure after debt and preferred stock claims.\nSaylor said CEBE BPS is the conservative risk metric. That matters because Strategy’s Bitcoin model now includes debt, preferred stock and dividend costs. The gap between Bitcoin per share and CEBE BPS can widen when senior claims grow.\n\n\n\n\n\n                Read more:\n            \n\n                Robert Kiyosaki says cash is trash, backs Bitcoin and Ethereum","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2643924111","isCrawlerRequest":true}