$20,000 per unit. 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. Capital carries a cost, and if the expense of holding or deploying it between the exit and repurchase exceeded the per-unit re-entry premium, the round-trip can be rational on a fully-loaded basis even when a spot comparison says otherwise. Le explicitly called the sequence the right trade.