Strategy Moved $30 Million In Bitcoin To Coinbase — Is Michael Saylor Preparing to Sell?

• The transaction sparked speculation among retail traders on Stocktwits that the company could be preparing to sell some of its Bitcoin holdings.
• Recent comments from Michael Saylor and CEO Phong Le have made investors more sensitive to any signs of potential Bitcoin sales.
• Strategy still holds nearly 850,000 Bitcoin worth more than $65 billion, making the transfer a very small portion of its treasury.

On-chain data showed Strategy (MSTR) moved around $30 million worth of Bitcoin (BTC) to Coinbase Prime on Friday morning, fueling speculation that the company might be selling some of its holdings.

Blockchain analytics platform Lookonchain flagged the transaction, showing that Strategy transferred 411.48 BTC worth approximately $30.3 million to Coinbase Prime. While transfers to exchange-linked custodians do not necessarily indicate an imminent sale, the move drew attention following executive chairman Michael Saylor and CEO Phong Le comments over the past month.

MSTR’s stock traded flat in morning trade, with retail sentiment on Stocktwits trending in ‘extremely bearish’ territory over the past day. Bitcoin’s price also traded flat in the last 24 hours, slipping to $72,500 on Friday morning, but saw retail sentiment improve to ‘bearish’ from ‘extremely bearish’ territory over the past day. 

MSTR’s Bitcoin Transfer Gets Traders Talking

Retail traders on the platform speculated whether Saylor was selling Bitcoin to purchase common stock since the shares did not fall despite weakness in BTC’s price.

The move comes after Saylor suggested that Strategy could eventually sell a portion of its Bitcoin holdings during the company’s first-quarter (Q1) earnings call.

Last week, in an interview, he clarified that selling Bitcoin might be necessary for Strategy to maximise BTC-per-share over a seven-year period. In the same interview, Le said selling Bitcoin near the company’s cost basis could avoid meaningful tax consequences for STRC investors.

Strategy currently holds nearly 850,000 Bitcoin on its balance sheet, valued at over $65 billion. It is the largest corporate holder of the apex cryptocurrency. 

Read also: Stellar’s XLM Hits 4-Month High After DTCC Picks Blockchain For Tokenized Stocks, ETFs, Treasuries

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