TL;DR
- Strategy moved 38,657 BTC to new wallets and Coinbase Custody during BTC’s drop below $95,000, reigniting rumors of a possible sale.
- The firm transferred a total of $1.2B in BTC to dormant addresses and institutional accounts, a pattern that differed from its previous internal operations.
- Michael Saylor says they are still buying and remain committed to their accumulation plan.
Strategy carried out a series of unusual wallet transactions that reopened the debate on the durability of its long-term Bitcoin accumulation strategy.
The company moved 38,657 BTC from public addresses into a mix of newly created wallets and Coinbase Custody accounts. The activity coincided with BTC falling below $95,000 and fueled speculation about a potential sale. Michael Saylor denied the rumors and reiterated that the company is still buying and maintains a long-term holder stance.
The transfers showed a departure from Strategy’s typical internal movements. The firm usually shifts BTC between self-custodied wallets, but this time it distributed roughly $1.2B in coins to addresses that showed no subsequent activity and to Coinbase’s institutional custody.
Major Firms Sell Massive Amounts of MSTR Shares
The pattern raised concerns among traders who reviewed the transaction sequence and identified structures that seemed uncharacteristic for the company. Even so, on-chain analysts urged caution and noted that Strategy has relied on external custody providers for years.
Market conditions only amplified the noise. BTC’s decline dragged down tech stocks and drained liquidity from risk assets. MSTR fell to $201, reigniting doubts about Strategy’s ability to sustain its approach without increasing pressure on its market capitalization.
The company now faces a more fragile environment after Capital International Investors, Vanguard, and BlackRock each sold more than $1B in MSTR during Q3. In total, Wall Street institutions unloaded over $5.38B in shares.
Michael Saylor Says Strategy Will Keep Buying Bitcoin
Strategy’s financial structure is under strain. The company must meet obligations from previous issuances, including dividend payments and debt servicing. It raised more than $700M through its STRE product and allocated part of the capital to cover commitments tied to convertible shares. While it does not need to sell BTC to meet these payments, cash demand is rising as MSTR loses room to fund additional purchases.
Saylor maintains that Strategy has no intention of selling and will use price corrections to strengthen its position. The market is now assessing whether the latest BTC drop creates an opening for the plan to continue or whether the company’s structure is beginning to limit its ability to sustain its accumulation strategy
