Strategy Moves $297M in Bitcoin, Sparking Concern Over Future Holdings
Strategy, a company led by Michael Saylor, has transferred 3,568 Bitcoin (BTC) worth approximately $297 million. This move comes just hours after the company added another 1,666 BTC to its massive holdings. The transfer has raised questions about whether Strategy is preparing to sell some of its Bitcoin or simply moving coins between wallets.
The company purchased 1,666 BTC for approximately $142.7 million at an average price of $85,681 per coin on September 28. This purchase pushed its Bitcoin holdings to 847,666 BTC, representing roughly 4% of Bitcoin’s maximum supply. Strategy has been on a buying spree, adding roughly 7,200 BTC across three September purchases, after selling thousands of coins earlier this year.
Strategy had previously sold 6,948 BTC for approximately $431.8 million in net proceeds, or around $62,150 per Bitcoin. The company has also made it clear that Bitcoin sales remain part of its financial strategy. CEO Phong Le stated that Strategy would no longer automatically put all capital raised through STRC issuance into Bitcoin, giving the company room to move or sell Bitcoin when it considers doing so commercially appropriate.
Analyst BLMihnea pointed out that a sale would make little sense so soon after Strategy's latest Bitcoin purchase, and that the company has roughly $6 billion in cash reserves, suggesting it is not under immediate pressure to sell. He suggested that Strategy could potentially use STRC to raise funds and buy Bitcoin again, particularly with the preferred stock trading around $99.