Strategy and MARA's Bitcoin Transfers Raise Questions About Market Activity

A recent on-chain activity by two companies has raised questions about their Bitcoin transactions. Strategy, a company that has already disclosed selling 1,638 BTC for ~$104.73M between July 27, Aug 2, transferred 1,030 BTC (~$66.14M) from a wallet linked to the firm on August 4.

The move sparked speculation about whether Strategy resumed selling Bitcoin after the transaction was identified by Lookonchain. However, blockchain activity cannot provide conclusive evidence of an ownership transfer or market sale as firms may shift their assets across custodial services, settlement wallets, and institutional platforms.

Strategy's latest SEC filing shows that the firm is holding 842,138 BTC as of August 2 without any filing reflecting reduced holdings after then. The company has indicated that it reports all material transactions in its treasuries via Form 8-K and the Bitcoin dashboard publicly.