Mark Cuban Sold Bitcoin—Strategy CEO Says He Simply Found The ‘Next Best Thing’

Strategy Inc. (NASDAQ:MSTR) CEO Phong Le pointed out the differing strategies between traders and long-term investors on Thursday, responding to Mark Cuban’s recent decision to sell his Bitcoin (CRYPTO: BTC).

Jumping To The ‘Next Thing’

During a Fox Business interview, Le was asked about the billionaire investor’s move, which surprised many in the cryptocurrency community.

After all, Cuban is the same person who once aggressively endorsed Bitcoin as a hedge against inflation, only to sell “most” of it because it didn’t turn out to be the shield he expected it to be.

“There are folks out there who are very skeptical traders, and what they’re gonna do is they’re gonna find the point to buy Bitcoin,” Le weighed in. “In 2021, everybody got in, and they made their money, and then they got out when they found the next thing.”

The Strategy CEO said that AI is the “next big thing” today, and it’s “perfectly reasonable” for Cuban and traders like him to pursue it.

Cuban indeed expanded his cryptocurrency portfolio during the 2021 bull market, including major positions in meme coins such as Dogecoin (CRYPTO: DOGE).

The Fundamental Difference

Le said that Strategy sees Bitcoin as an “excellent long-term store of value” and something that provides “hope and opportunity” for people.

“It’s just a different reason to be buying bitcoin to someone who is going to trade in and out and go to AI, and then four years from now go to the next thing,” Le added.

Read Also: ‘The Anti-Crypto Army Was Defeated,’ Says Ripple CEO Brad Garlinghouse, Credits Trump For The Win

Strategy’s Bitcoin Stash Grows

Strategy continues to double down on Bitcoin, expanding its holdings to 843,738 BTC, worth over $62 billion. Strategy’s market valuation stood at $53 billion as of this writing, meaning that the stock is trading at a discount to its net asset value.

The vast majority of Strategy’s Bitcoin purchases this year have been funded by STRC sales, which has gained popularity for its low volatility and 11.5% annual dividend rate. Saylor compared it to a bank account that allows holders to beat the currency debasement rate, which he has said is 7%.

Price Action: At the time of writing, BTC was exchanging hands at $73,709.36, up 0.75% in the last 24 hours, according to data from Benzinga Pro.

Strategy shares were up 0.76% in Friday’s pre-market trading after closing 1.66% lower at $151.64 on Thursday.

While the stock underperformed over the short- and long-term, it delivered robust medium-term returns, according to Benzinga’s Edge Stock Rankings.