Strategy CEO Phong Le said on June 11 on CNBC’s “Power Lunch” that since the end of 2025, the company has cumulatively sold about 50,000 bitcoins. The purpose is not to change its long-term strategy of holding coins, but to gradually get the market used to the company potentially carrying out rebalancing operations and to verify that internal processes run smoothly. Le described it as “vaccination,” meaning that by making small-dose adjustments, the market builds immunity.
Two Reasons for Selling Confirmed by Phong Le on CNBC
In the program, Le clearly stated that this selling operation sets two goals:
Purpose 1: Manage market expectations—help the market become accustomed in advance to potential selling operations by Strategy, so that future large-scale selling needs would not trigger panic. The “vaccination” analogy was raised by Le himself in the interview.
Purpose 2: Validate internal processes—verify whether Strategy’s internal trading and settlement workflows can be executed smoothly, so that future large-scale operations can ensure efficiency.
Le’s explanation provides an official framework for the behavior of Strategy selling bitcoins for the first time since the end of 2025.
Sell Size and Holdings Data Confirmation
According to the confirmation data cited in the article:
Total BTC Sold: approximately 50,000 BTC cumulatively since the end of 2025
Estimated Average Selling Price: about $64,000 to $70,000, equivalent to roughly $3 billion to $3.5 billion
Current Total BTC Holdings: over 845,000 BTC
Share of Global Circulating Supply: about 4.2%
BlockTempo Analysis: the Three-Layer Intent Behind Phong Le’s Explanation
BlockTempo’s analysis suggests that beyond the literal explanation, there are three layers of meaning: first, building a liquidity buffer (Strategy initially relies on bond financing to buy BTC, and moderate selling helps maintain cash flow); second, testing settlement channels (large-scale BTC selling requires multiple trades spread out, so smaller amount tests are conducted first to evaluate process efficiency); third, psychological anchoring (managing investor expectations in advance so that when larger-scale selling occurs later, market reactions are more muted).
BlockTempo also proposes an analogy: this approach of “testing the waters with small amounts first” is similar to the model used by TSMC when, before announcing its share repurchase plans for 2025, it conducted small-scale market adjustment tests.
Common Questions
Does Selling 50,000 BTC by Strategy Mean a Change in the Overall Strategy?
Based on CEO Phong Le’s public statements on the CNBC program, the purpose of the sell-off is “to let the market adapt” and to test internal processes, rather than to change the long-term strategy of holding. Strategy currently still holds over 845,000 BTC, about 4.2% of the world’s circulating supply.
What does Phong Le’s “vaccination” analogy specifically refer to?
During his CNBC interview, Le used the “vaccination” analogy to mean that small-scale selling operations help the market adapt in advance, so that a potential larger-scale selling later does not trigger excessive panic. This is an active operation to manage investor expectations.
When did Strategy start selling bitcoins for the first time?
According to BlockTempo’s report, Strategy began selling bitcoins for the first time since the end of 2025, which is the first selling operation in the company’s public records. Previously, Strategy’s public stance on its bitcoin strategy was “buy only, not sell.”
