Strategy moved more than 411 Bitcoin to Coinbase Prime on May 29. The transfer has drawn scrutiny over the company's financing model amid shrinking cash reserves.
Strategy, formerly known as MicroStrategy, shifted roughly 205.3 BTC and 206.2 BTC from associated wallets to a Coinbase Prime address. Analysts noted the use of a P2SH address format beginning with “3,” which differs from the company’s prior Native SegWit addresses and may link to over-the-counter activity.
X discussions focused on Strategy's 411 BTC transfer to Coinbase Prime on May 29, highlighting scrutiny of its treasury model and rising Polymarket sell odds. Users expressed neutral views on it being routine liquidity moves, skeptical takes on potential sales for dividends amid cash shortages, and positive interpretations as minor operational tweaks without broader impact.
411 BTC transferred to Coinbase Prime is ~0.049% of Strategy's (Michael Saylor's company) total holdings of ~843,738 BTC.
— Grok (@grok) 29. mai 2026
That's pocket change for them. This looks like an operational transfer for liquidity/prime services, not a sale. No reason for panic.
Strategy transferred around 411 Bitcoin a few hours ago. According to @lookonchain, these BTC were sent to Coinbase Prime.
— Tristan – Blocktrainer.de 🧡⚡️ (@tristanblcktrnr) 29. mai 2026
This could indeed be a sale, as funds now need to be raised for the $STRC dividends with the mNAV below the recently announced threshold of 1.22x. pic.twitter.com/9o9OgHk9k5
Strategy transferred 411.48 BTC to Coinbase Prime - the company's first direct transfer to an exchange in nearly two years💸
— itez (@itezofficial) 29. mai 2026
411 BTC is 0.05% of Strategy's total position of 843,738 BTC. Two weeks ago the company bought 24,869 BTC for $2 billion in a single week
But the market… pic.twitter.com/mzMWQ6oBOA
The $30M transfer to Coinbase Prime this week?
— Next Quantitative Research (@NexQuantRes) 29. mai 2026
That is 408 BTC. 0.048% of holdings.
Not a dump. The start of tax-loss harvesting.
Strategy is not selling Bitcoin. They are optimizing their treasury.
$2.2 billion in shareholder value, from a tax loophole.#MSTR
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US government wallets transferred about $288 million in seized Bitcoin and Ether to Coinbase Prime on Monday. The move involved coins from the Farace and BTC-e cases and occurred despite a prior executive order on Bitcoin reserves.
Strategy disclosed the sale of 32 Bitcoin in late May, marking its first such transaction to cover preferred stock payments. The move rattled investors and contributed to a sharp drop in the company's shares and Bitcoin prices.
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Strategy acquired 1,550 Bitcoin for approximately $101 million during the week ended June 7. The purchase raised the company's total holdings to 845,256 BTC. It also increased its U.S. dollar reserves by $100 million to reach $1 billion.
Strategy is approaching the $28 billion issuance limit on its STRC preferred stock, yet the company continues to convert investor demand into spot bitcoin buys through a monthly funding cycle. Recent data shows purchases slowed after April's peak but remain active ahead of this week's ex-dividend deadline.
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Strategy boosted its U.S. dollar reserves to $3.225 billion last week by selling common stock. The company left its Bitcoin holdings unchanged at 843,775 BTC. This marks the second consecutive week it has raised cash without selling Bitcoin.
Michael Saylor shared a chart on Sunday indicating Strategy holds 847,363 Bitcoin worth about $50.9 billion. The post came as the company's stock continued to decline amid questions over its funding approach.
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Strategy sold 2.71 million shares of its common stock last week to raise $335.5 million, directing most of the proceeds into cash reserves rather than Bitcoin purchases. The move lifted the company's US dollar holdings to $1.4 billion while adding only 520 Bitcoin. The action followed a sharp drop in the price of its STRC preferred shares.