Selling BTC at $65K and buying it back at $80K may sound counterintuitive, but the story isn’t simply about correctly or incorrectly predicting price movements. According to CEO Phong Le, buying and selling decisions depend on the cost of capital, not the price of Bitcoin. But in my view, these two factors are in fact closely intertwined. When BTC rises → asset value increases → MSTR finds it easier to raise capital → the strategy gains more funds to buy BTC. When BTC falls sharply → fundraising conditions deteriorate → while interest payments and dividends still must be made. That’s why the $7 billion in cash is so critical—it gives Strategy more time, but not an infinite buffer. Strategy aims to be a net long-term buyer of BTC. But that’s a goal, not a guarantee.