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Phong Le wants you to know that Strategy Inc. is not selling its Bitcoin. Well, not meaningfully. The CEO of the company formerly known as MicroStrategy reaffirmed that Strategy will continue buying and holding Bitcoin for the long haul, a stance that has become the firm’s entire corporate identity since it pivoted from enterprise software to what amounts to a publicly traded Bitcoin vault.
With roughly 845,050 BTC on its balance sheet as of early September 2026, Strategy controls more than 4% of Bitcoin’s hard-capped 21 million supply.
The numbers behind the narrative
Strategy’s 2026 activity tells the story more clearly than any press conference could. The company purchased approximately 175,000 BTC over the course of the year while selling around 7,000 BTC. That puts its net purchase rate at roughly 25 times its sales volume.
The most recent disclosed acquisition involved 4,603 BTC bought at an average price of about $80,318 per coin, totaling approximately $369.7 million. The purchase was funded through equity sales, a financing mechanism that has become a core part of Strategy’s playbook.
The sales occurred primarily between $60,000 and $65,000 per Bitcoin. Strategy framed those dispositions as tactical moves to manage capital costs and fund preferred stock dividends, not as a philosophical retreat from its Bitcoin-maximalist thesis.
“We’re not going anywhere,” Le said, emphasizing that Strategy intends to remain the largest purchaser of Bitcoin for the foreseeable future.
Le has been running Strategy as CEO since 2022, when founder Michael Saylor shifted to the Executive Chairman role. Le has leaned into the Bitcoin treasury model, steering the firm’s operational focus toward capital costs and Bitcoin-per-share metrics rather than short-term price swings.
How Strategy funds the machine
Strategy has outlined plans to raise upwards of $80 billion in a year through a combination of debt and equity offerings, with the proceeds earmarked for more Bitcoin.
Part of this financing architecture includes the STRC preferred stock, a financial product engineered to attract income-oriented investors. The instrument gives Strategy a tool to manage volatility while simultaneously feeding its Bitcoin treasury.
The BTC sales that drew attention earlier this year were primarily executed when other financial avenues had been exhausted.
From software company to Bitcoin proxy
Strategy’s transformation started in 2020, when the company made its first significant Bitcoin purchase under Saylor’s direction. The rebranding from MicroStrategy to Strategy Inc. was the cosmetic acknowledgment of what investors already knew. The enterprise analytics business still exists, but it’s a sidecar.
MSTR shares have effectively become an “amplified Bitcoin play,” as the company itself has described. When Bitcoin rises, MSTR tends to rise faster due to leverage embedded in the capital structure. When Bitcoin falls, the same amplification works in reverse.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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