Strategy moves $30M in Bitcoin to Coinbase as selling speculation grows

Strategy moved 411.48 Bitcoin worth $30.3 million to Coinbase Prime on May 29, its first direct exchange deposit in nearly two years, blockchain data show.

"Strategy deposited 411.48 BTC, worth about $30.3 million, into Coinbase Prime," blockchain analytics firm Lookonchain said in a post on X. Arkham Intelligence confirmed the transfer, showing two separate transactions of 205.3 BTC and 206.2 BTC, along with a smaller test transfer of 0.0241 BTC valued at roughly $1,770.

The transfer follows recent comments from executive chairman Michael Saylor that Strategy may sell some Bitcoin to fund dividend obligations and debt repurchases. The company holds 843,738 BTC worth roughly $62 billion at an average purchase price of $73,500 per coin, representing about 4% of total Bitcoin supply. Bitcoin traded at $73,312 as of 14:30 UTC, near Strategy's average acquisition cost.

The market is now pricing in a potential shift in Strategy's long-standing "never sell" stance. Polymarket, a decentralized prediction platform, assigns an 84% probability that Strategy will sell some Bitcoin before Dec. 31, 2026, with roughly $33 million in wagers placed on the outcome.

Strategy's pause in Bitcoin accumulation adds to the uncertainty. The company purchased no Bitcoin between May 18 and May 24, ending a period of consistent weekly acquisitions, according to Lookonchain data. Saylor confirmed on X that the company bought bonds instead of Bitcoin during that week, describing it as part of financing activities rather than a retreat from its treasury strategy.

MSTR shares have reflected the mounting pressure. The stock closed at $151.64 on Thursday, down 1.66% on the day and 22% below its May 11 high. Trading volume remained below the 20-day average of 18 million shares.

The company recently repurchased $1.5 billion in face value of its 0% convertible senior notes due in 2029 for about $1.38 billion in cash, reducing total convertible obligations from $8.2 billion to $6.7 billion. Company filings stated that funding for the repurchase could come from cash reserves, at-the-market stock sales, and potential Bitcoin sales.

During a May 25 interview, Saylor said it was "not unlikely" that Strategy could sell some Bitcoin before the end of 2026, arguing that a flexible approach using cash, equity, credit, and Bitcoin produced better results than relying on a single funding source. He maintained that the company's long-term objective remains increasing Bitcoin per share through 2033.

This article is for informational purposes only and does not constitute investment advice.