Strategy has sent 411.48 BTC, worth approximately $30.3 million, to Coinbase Prime, marking the company's first direct exchange transfer in nearly two years, according to blockchain analytics firm Lookonchain.
Data from Arkham Intelligence shows the transfer was split into two transactions of 205.3 BTC and 206.2 BTC, preceded by a small test transaction of 0.0241 BTC (roughly $1,770). All funds arrived at a Coinbase address.
Saylor's Signals on Potential Sales
The move comes weeks after executive chairman Michael Saylor acknowledged during the Q1 earnings call that Strategy may sell some Bitcoin to fund dividend obligations. The comment caught market attention for breaking the firm's long-standing approach of holding Bitcoin indefinitely.
Around the same time, Strategy repurchased nearly $1.5 billion face value of its 0% convertible senior notes due 2029 for about $1.38 billion in cash. Company filings listed potential Bitcoin sales as one of the funding sources alongside cash reserves and stock sales.
In a May 25 interview, Saylor said it is "not unlikely" that Strategy could sell some Bitcoin before the end of 2026. He argued a flexible approach combining cash, equity, credit, and Bitcoin yields better results than relying on a single source. Still, the long-term objective remains increasing Bitcoin per share by 2033, and any sale would be an allocation decision, not a shift in conviction.
Buying Pause and Stock Pressure
Concurrent with debt repurchases, Strategy halted its regular Bitcoin accumulation. Lookonchain reported no purchases between May 18 and May 24, breaking a streak of consistent buys. Saylor confirmed on X that the company bought bonds that week, describing the move as part of financing activities rather than a retreat from its treasury strategy.
Despite the pause, Strategy remains the largest public holder of Bitcoin, sitting on 843,738 BTC valued at over $65 billion.
MSTR closed at $151.64 on Thursday, down 1.66% for the session after ranging between $144.30 and $153.64. The stock has fallen more than 8% over the past week and nearly 22% since May 11.