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That is the spread on Strategy's bitcoin round-trip: sold at $60,000, repurchased at $80,000, a sequence that looks, in spot terms, like a textbook example of selling low and buying high.
Chief executive Phong Le's answer is that the frame is wrong. He cited corporate capital costs and called it the right trade.
| Price point | Level (reported) | |---|---| | Exit | $60,000 | | Re-entry | $80,000 | | Per-unit spread | $20,000 | The $20,000 gap represents a 33% premium paid to re-enter $BTC relative to the exit price.
That arithmetic is the source of the criticism Le was responding to. His defense rests on a corporate finance argument, not market timing.
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