Strategy, the firm run by Michael Saylor, moved 411 Bitcoin (BTC) to Coinbase as the token slid below $73K, stirring talk of a sale.

Key Points:

• Strategy deposited 411.48 Bitcoin worth $30.3 million into Coinbase Prime, its first direct exchange transfer in nearly two years.
• The move followed Saylor's signal that the firm could sell some Bitcoin to fund dividends.
• MSTR has fallen almost 22% since May 11 as Bitcoin dropped below $73,000.

Strategy Transfers 411 Bitcoin To Coinbase

On-chain data showed the company sent 411.48 Bitcoin worth about $30.3 million to a Coinbase Prime wallet on May 29, a rare direct move to an exchange. It was the firm's first such transfer in nearly two years. Coinbase Prime acts as custodian and trading desk for most of the largest publicly traded companies that keep Bitcoin on their balance sheets, a role that put extra weight on the transfer.

Blockchain explorers recorded two near-equal batches of 205.3 and 206.2 Bitcoin, sent moments after a tiny 0.0241 BTC test transaction worth less than $2,000. Strategy still holds more than 818,000 Bitcoin, bought for about $61.8 billion at an average price near $75,500 a coin, making it the largest corporate holder.

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Saylor's Bitcoin Sale Signal

On the Q1 earnings call this month, Saylor said the company might sell some Bitcoin to fund dividends and reassure the holders of its preferred shares. He framed the idea as a way to "inoculate the market," a sharp departure from the never-sell pledge that long defined the company. CEO Phong Le later pledged to keep raising Bitcoin per share.

Prediction-market traders pushed the odds of a sale before the end of 2026 to about 84%, even though a deposit alone proves nothing.

Analysts noted that institutions routinely route coins to exchanges for collateral, over-the-counter deals or rebalancing rather than to sell them outright, leaving the deposit open to many readings.

MSTR Stock Sinks 22%

MSTR closed 1.66% lower at $151.64 on Thursday, with trading volume sitting below the 18 million shares it has averaged in recent months. The stock has fallen almost 22% since May 11, weighed down by share sales from its chief financial officer and a company director in recent weeks. Strategy has also paused its Bitcoin buying.

The firm recently used cash to repurchase $1.5 billion of its 0% convertible notes due in 2029, cutting total convertible debt to $6.7 billion from $8.2 billion. That spending left its cash reserves near $871 million.

Strategy has parted with Bitcoin only once before, selling 704 BTC in Dec. 2022 to harvest a tax loss near a market bottom. The token changed hands near $73,312 on Thursday, holding a narrow band between $72,493 and $73,834 across the prior 24 hours. Its slide has wiped out much of this year's gains.

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