At first, I also looked at this Strategy move and thought, How would someone sell Bitcoin around $60k and come back to buy at $80k?
But when you look at what actually happened, it wasn't really a normal Bitcoin trade.
Strategy sold about 6,916 BTC at an average of roughly $62,200. They needed the money mainly to handle their preferred-stock obligations and strengthen their balance sheet.
Later, their situation changed. They were able to raise money by selling MSTR shares while the stock was trading at a premium, and they used about $369.7 million of that money to buy 4,603 BTC at $80,318 each.
So their thinking wasn't simply: Bitcoin will fall, let me sell. It was more like: Right now, BTC is the cheapest/most convenient source of cash for what we need to pay. Then later: Now we can raise money through MSTR at favourable terms, so let's use that money to buy more BTC.
That's why their CEO said their Bitcoin decisions are based more on cost of capital and the company's balance sheet than on whether Bitcoin is $60k, $80k or $100k.
Of course, if you're looking at it strictly as a Bitcoin holder, it still looks like a bad deal: sell lower, buy higher, and you don't even buy back everything you sold, They sold 6,916 BTC and only bought 4,603 BTC back, so I wouldn't call it a brilliant Bitcoin trade, it's better understood as corporate financial management using Bitcoin as a treasury asset, and honestly, this is probably the interesting part of Strategy's model now: they are no longer saying Bitcoin can only go into the treasury, they are showing that, when necessary, Bitcoin can also come out of the treasury to solve a financial problem.
Source:
https://pluang.com/en/news-feed/strategi-ceo-phong-le-jual-bitcoin-60k-dan-beli-80k-keputusan-tepathttps://news.bitcoin.com/crypto-news/strategy-phong-le-sell-bitcoin-60k-buy-80k-math/