Strategy withdrew 411.5 Bitcoin (BTC) from Coinbase Prime hours after depositing it, cooling fears that Michael Saylor's firm was preparing its first sale in years.
Key Points:
- Strategy pulled 411.5 BTC, worth about $30 million, back from Coinbase Prime on the same day it sent them.
- The round trip eased speculation that the largest corporate Bitcoin holder was about to sell.
- BitMine bought 25,000 Ether on the dip, extending one of the market's biggest corporate accumulation drives.
Strategy Reverses Bitcoin Deposit
On-chain trackers first flagged the deposit as Strategy's earliest direct exchange transfer in nearly two years, a rare move for a company that almost never touches trading venues. The coins arrived in two batches of roughly 205 BTC each, landing on an institutional custody platform that traders often read as a staging ground for sales. Hours later, the same amount returned to the firm's own wallets.
Saylor had signaled earlier in the week that Strategy could sell some Bitcoin before year-end, citing dividend payments and capital needs rather than any loss of conviction. A recent $1.5 billion buyback of convertible notes had drained much of the company's cash, which sharpened speculation about how it would cover those bills. The deposit pushed Polymarket odds on a 2026 sale above 90% within hours.
"Did Michael Saylor's Strategy cancel its BTC sale?" one analytics account asked.
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BitMine Doubles Ether Bet
Meanwhile, Tom Lee's BitMine Immersion Technologies bought 25,000 Ether (ETH) for $50.6 million on the same day, extending one of the largest corporate accumulation drives in the market. The purchase lifted its holdings near 5.39 million ETH, about 4.47% of supply and within reach of Lee's stated 5% target for the year. Ether has slid roughly 10% over the past month.
Lee treats the slump as a buying window, pointing to tokenization growth and surging demand for computing power tied to artificial intelligence. "We view the recent pullback below $2,200 as an attractive opportunity," he said. Backers including ARK Invest and Founders Fund have held their positions, even as BMNR shares trade below the value of the firm's own holdings.
The firm stakes more than 4.7 million ETH through its validator network, generating about $276 million in annual yield. Even so, not every long-term holder shares the conviction. One older wallet sold roughly $112 million of Ether over the past week.
Treasury Demand Cools
Strategy still holds 843,738 BTC, valued above $62 billion, a hoard that has effectively turned its stock into a leveraged proxy for Bitcoin.
The firm has bought no Bitcoin since May 18, the longest weekly pause in its accumulation history, as broader corporate treasury demand cools. Bitcoin now trades near $73,532, while Ether hovers around $2,000, leaving both treasury bets deep in unrealized territory.
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