Strategy has transferred more than 411 Bitcoin to Coinbase Prime, a move that is drawing attention after recent comments from company executives about possible Bitcoin sales and a slowdown in new BTC purchases.
According to blockchain analytics platform Lookonchain, Strategy moved 411.48 BTC worth around $30.3 million to Coinbase Prime on May 29. The platform said it appears to be the company’s first direct Bitcoin transfer to an exchange in almost two years.
Data from Arkham Intelligence showed the transfer was split into two separate transactions of 205.3 BTC and 206.2 BTC before reaching Coinbase. Arkham also recorded a smaller test transaction involving 0.0241 BTC worth roughly $1,770.
The transfer comes shortly after Strategy chairman Michael Saylor acknowledged that the company could sell some Bitcoin under certain conditions as part of its financing strategy.
Earlier this month, during the company’s first-quarter earnings call, Saylor said Bitcoin sales may help cover dividend obligations if needed. The comments attracted attention because Strategy has long been known for holding Bitcoin rather than selling it.
Recent company filings also showed that Strategy has been focusing heavily on debt management. The company recently moved to repurchase nearly $1.5 billion worth of convertible senior notes due in 2029 for around $1.38 billion in cash.
According to company disclosures, funding for the repurchase could come from cash reserves, stock sales, or even Bitcoin sales if necessary.
In a May 25 interview, Saylor said it was “not unlikely” that Strategy could sell some Bitcoin before the end of 2026. However, he stressed that the company’s long-term goal remains increasing Bitcoin per share over time.
He also explained that any future Bitcoin sale would be part of capital management decisions rather than a sign that the company has lost confidence in Bitcoin.
At the same time, Strategy has temporarily paused its aggressive Bitcoin buying strategy. Lookonchain reported that the company made no Bitcoin purchases between May 18 and May 24, ending a long streak of steady accumulation.
Saylor later confirmed on X that the company focused on buying bonds instead of Bitcoin during that period as part of broader financing activities.
Despite the recent slowdown, Strategy remains the world’s largest public corporate holder of Bitcoin, owning around 843,738 BTC valued at more than $65 billion.
Meanwhile, Strategy’s stock has faced growing pressure. Shares of MSTR fell 1.66% on Thursday to close at $151.64. Market data also showed the stock has dropped more than 8% over the past week and nearly 22% since May 11.
