Bitcoin News Today: Strategy CEO Phong Le appeared on CNBC Powerful lunch on June 10, 2026, and cited three explicit reasons why the company sold 32 BTC between May 26 and 31, its first Bitcoin sale since a tax transaction in 2022 and only the second in the company’s history.
This sale of 32 BTC, executed at an average of approximately $77,135 per coin for gross proceeds of approximately $2.5 million, is part of a balance sheet carrying 818,334 BTC for a total cost of approximately $61.81 billion.
The analytical question is no longer whether Strategy sold Bitcoin; That’s what Le’s official three-part reasoning reveals about how the company now manages its cash position and whether the bearish interpretation of the selloff survives contact with the actual data.
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Bitcoin News Today: The three reasons given, what Le’s CNBC interview actually establishes
Le structured his explanation around three distinct rationales, each with a distinct functional meaning in terms of corporate cash flow. The first, market inoculation, was a deliberate signaling exercise: Le said Strategy wanted investors to understand that the company is prepared to sell Bitcoin when circumstances warrant, so that any future divestiture would not come as a surprise.
This framework constitutes proactive management of investor relations, and not a distress signal; the objective was to normalize the optional nature of the sale rather than exercising it under pressure.
The second rationale was process testing. Le noted that buying BTC is operationally simpler than selling, and that the company needed to verify that its entire sell-side infrastructure, custody, execution, settlement, is working properly before needing it at scale. Maintaining operational readiness on both sides of a transaction is standard cash hygiene for any institution managing a position measured in tens of billions of dollars.
“We are the largest holder of Bitcoin in the world. We are the largest buyer of Bitcoin in the world. And we will continue to be.” Watch my conversation with @CNBC @PowerLunch below.
00:00 — “We are net buyers of Bitcoin.” The sale of 32 BTC made it possible to inoculate the market, test our… pic.twitter.com/aHlcNincNU
– Phong Le (@phongle) June 10, 2026
The third reason was tax-loss harvesting, and it has direct precedent: in December 2022, MicroStrategy sold 704 BTC to realize capital losses before repurchasing a comparable position shortly thereafter.
The 2022 transaction left the company with more Bitcoin per share than before, as the tax benefit improved balance sheet efficiency without reducing net exposure. The indicated on June 10 that the same logic applies to tranches of the current position of 818,334 BTC acquired at base prices now below the spot, the wide buying range, ranging from approximately $10,000 to $125,000 per coin, means that selective harvesting of underwater lots is mechanically available even when the overall position is profitable.
As Le explicitly stated: “We do not need to sell our Bitcoin to satisfy our dividends. We are able to do so through other capital raising activities.” The three reasons, taken together, describe a deliberate cash management framework and not a company liquidated under duress. The disclosed sale of 32 BTC for tax purposes is consistent with this reading at all levels of the filing.
The strategy’s holdings and why a sale of 32 BTC is structurally irrelevant
The contrast in scale resolves most market concerns on its own terms. A sale of 32 BTC represents less than 0.004% of Strategy’s 818,334 BTC cash – a rounding error compared to a position with a total base cost of approximately $61.81 billion.
MSTR stock has lost 25% of its value since the June 1 announcement, and Bitcoin itself has fallen about 15% over the same period, a reaction that commentator Jim Cramer characterized by claiming that co-founder Michael Saylor had “murdered” Bitcoin.
Source: MSTR Price / Tradingview
The magnitude of the price reaction relative to transaction size is itself analytically informative: markets were reacting not to the 32 BTC, but to the perceived ideological shift away from the absolutist accumulation doctrine that Saylor integrated into the company’s public identity.
Le’s response to this reaction was precise. He rejected retail “crypto-anarchists” engaged in permanent detention and said institutional shareholders are the group Strategy is accountable to.
This framework is structurally important: it indicates that the company is deliberately repositioning its investor narrative around Bitcoin per share, a metric that measures BTC held per diluted share outstanding, rather than around a maximalist ideology.
A treasury that achieves Bitcoin per share optimization can, by definition, include selective divestitures that improve per share economics, whether through tax efficiency, dividend support, or balance sheet optimization. Le has previously outlined two conditions under which larger sales would become rational: MSTR is trading below modified net asset value and all conventional financing avenues are exhausted.
Neither condition is currently met, and the company’s multi-year cash reserve, convertible debt facilities, and preferred stock structures, including the 11.5% Perpetual Preferred Series A, provide the funding runway that makes the forced sale of Bitcoin unnecessary.
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Daniel Frances is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. Hailing from crypto since 2017, Daniel leverages his experience in on-chain analytics to write evidence-based reports and in-depth guides. He holds certifications from the Blockchain Council and is dedicated to providing “insight gain” that overcomes market hype to find real utility for blockchain.
