According to blockchain analytics platform Lookonchain, Strategy initially sent 411.5 Bitcoin worth approximately $30.2 million to Coinbase Prime on May 29, but reversed the transfer just hours later after depositing it. The reversal has cooled fears that Michael Saylor's firm was preparing its first Bitcoin sale in years. The transfer was split into two batches near 205 BTC each, with smaller wallet transactions also active, as reported by Lookonchain.
The reversal comes weeks after Strategy executives acknowledged that Bitcoin sales could become part of the company's financing strategy. During the company's first quarter earnings call, executive chairman Michael Saylor said the company may sell some Bitcoin to help fund dividend obligations. During an interview on May 25, Saylor stated it was 'not unlikely' that Strategy could sell some Bitcoin before the end of 2026. The company has been focused on debt management, moving to repurchase nearly $1.5 billion in face value of its 0% convertible senior notes due in 2029 for about $1.38 billion in cash. The deposit had pushed Polymarket odds on Strategy selling any Bitcoin in 2026 above 90%, though those odds eased after the withdrawal.
Alongside the debt repurchase effort, Strategy recently halted its regular Bitcoin accumulation. According to Lookonchain, the company purchased no Bitcoin between May 18 and May 24, ending a period of consistent acquisitions. A post from Saylor on X confirmed that Strategy bought bonds instead of Bitcoin during that week, which was described as part of the company's financing activities rather than a retreat from its treasury strategy. The firm still holds 843,738 BTC valued above $62 billion, with this pause representing the longest in its weekly accumulation as corporate Bitcoin treasury demand softens.
Despite the reversal, Strategy stocks have come under pressure. MSTR closed 1.66% lower at $151.64 on Thursday after trading between $144.30 and $153.64 during the session. Market data showed MSTR has fallen more than 8% over the last week and nearly 22% since May 11. The stock decline follows the company's shift from consistent Bitcoin accumulation to focusing on debt repurchases and potential Bitcoin sales as part of its capital management strategy. BTC trades near $73,532, with the broader Bitcoin treasury stocks showing limited contagion.
Meanwhile, BitMine Immersion Technologies bought 25,000 Ethereum (ETH) for $50.6 million on the same day, extending one of the largest corporate ETH accumulation programs. The purchase lifted BitMine's aggressive ETH accumulation to roughly 5.39 million ETH, representing about 4.47% of supply, near Tom Lee's 5% target for the year. The firm stakes more than 4.7 million ETH through its Made in America Validator network, generating an annualized yield of about $276 million. Ether trades near $2,011 after a 10% monthly decline, with Lee framing the weakness as a buying window due to tokenization growth and AI demand for compute.
