12.08.202613:43 Forex Analysis & Reviews: Strategy wants to return to active Bitcoin buying

Strategy CEO Fong Le recently sought to allay growing investor concern over a series of Bitcoin sales in recent months. Since the start of the year, the company has bought about 175,000 BTC and sold only roughly 7,000 — buying has exceeded selling by about 25 times — and it was precisely that scale, Le said, that turned Strategy from the world's second-largest institutional Bitcoin holder into the largest. "We will return to more active Bitcoin buying during the year," he said, describing the recent sales as an element of capital-structure management rather than a change in the company's long-term view on the asset.

A seven-week pause in purchases and four sales since May, the most recent of which totaled 1,690 coins, are explained by a concrete internal logic rather than a loss of faith in Bitcoin. Proceeds were used for share buybacks, dividends on STRC preferred shares, and to top up the dollar reserve, which grew to $4.65 billion. The key point is that selling some Bitcoin to stabilize STRC paradoxically supports future accumulation. If the stock — here referring to STRC shares — deviates too far from its stated value, it complicates raising new capital and therefore limits the company's ability to buy more Bitcoin in the future. In a July interview, Le put it plainly: "When our shares return to par, we will issue more paper and buy more Bitcoin," linking the next phase of purchases to the recovery of the preferred shares, which pay a 12% yield every two months.

Le also outlined the company's view of the current market phase, calling the existing roughly eight-month bear cycle a normal occurrence, since historical drawdowns of 8–12 months have not been unusual for Bitcoin. Asked about the company's financial health, he replied confidently, pointing to a roughly $55 billion Bitcoin position with only about a 4% debt load and reserves sufficient to pay dividends for about 2.7 years. He added that Strategy today has many more management tools available, including the ability to both sell and buy Bitcoin, to work with preferred and common shares, and to flexibly manage the dollar reserve depending on market conditions.

Trading recommendations

Bitcoin

Buyers are currently targeting a return to $65,000, which would open a direct path to $66,000 and then toward $66,800 — a break above that level would signal attempts to restore a bull market. On the downside, buyers are expected at $63,400. A move back below that area could quickly push BTC toward $62,300. The most distant target would be around $60,600.

Ethereum

A clear hold above $1,916 would open a direct path to $1,974. The furthest target would be the high around $2,012; a break above that would indicate strengthening bullish sentiment and a return of buyer interest. On the downside, buyers are expected at $1,868. A move back below that area could quickly push ETH toward $1,834. The most distant target would be around $1,782.

What's on the chart

• The red lines represent support and resistance levels, where the price is expected to either pause or react sharply.
• The green line shows the 50-day moving average.
• The blue line is the 100-day moving average.
• The lime line is the 200-day moving average.

Price testing or crossing any of these moving averages often either halts movement or injects fresh momentum into the market.