MicroStrategy moves $30 million in Bitcoin to Coinbase, easing sell‑off fears
MicroStrategy transferred 411.5 BTC – about $30 million – to Coinbase Prime on May 29, marking its first direct exchange deposit in nearly two years. The move represented roughly 0.05 % of the company’s 843,738 BTC holdings, valued at over $62 billion.
The transfer sparked market speculation that the firm might begin selling its Bitcoin. Prediction‑market odds for a sale rose to 84 % after on‑chain trackers flagged the activity. Commentators such as Peter Schiff warned that “Strategy is running out of cash,” while Lookonchain asked, “Has Michael Saylor’s Strategy canceled the BTC sale? Strategy withdrew 411.5 BTC ($30.2 million) from Coinbase Prime 5 hours ago.”
Within hours MicroStrategy repurchased a similar amount of BTC, which analysts said eased concerns and suggested the move was likely treasury housekeeping rather than a liquidation. No official sale announcement has been made, and the company continues to hold the world’s largest corporate Bitcoin stash.
The episode highlights how closely investors watch any wallet movements of the firm, given its influence on the broader crypto market.