On-chain data revealed that Strategy (formerly MicroStrategy) moved 411.48 BTC — worth approximately $30.3 million — into Coinbase Prime on May 29. The transfer, flagged by LookOnChain and Arkham, appears to be the company’s first direct deposit to an exchange in nearly two years, triggering a wave of speculation across trading desks and social platforms.
The movement consisted of two main transactions (205.3 BTC and 206.2 BTC) plus a small test transfer of 0.0241 BTC. While large holders routinely shift assets for custody, collateral, or settlement, the timing drew intense scrutiny given recent pressure on both Bitcoin’s price and MSTR stock.
Prediction market Polymarket now prices an 84% chance that Strategy sells at least some Bitcoin before the end of 2026, with roughly $33 million in volume tied to that question. MSTR shares closed at $151.64 on Thursday, down 1.66% on the day and nearly 22% since May 11. Insider stock sales by executives have also weighed on sentiment.
Bitcoin is trading near $73,312, perilously close to Strategy’s average acquisition cost of $75,700 per coin. The company holds 843,738 BTC, making it the largest corporate Bitcoin treasury. Its cash reserves stand at $871 million after repurchasing $1.5 billion of convertible notes, though $6.7 billion in convertible debt remains.
CEO Phong Le reiterated that Strategy still intends to grow Bitcoin per share and continue buying. However, earlier comments from Michael Saylor acknowledging the possibility of selling Bitcoin to fund dividends have heightened market sensitivity. Analysts note that if Bitcoin prices keep falling and capital markets tighten, dividend obligations from preferred stock could create funding pressure.
The next critical signal will be Strategy’s official filings. If reported holdings stay at 843,738 BTC, the transfer may be routine. A reduction would mark a major pivot in the company’s treasury approach, justifying the current sell-off odds.
