Strategy Sells $19M in BTC, Fueling Speculation of Another Sale

Strategy, the world's largest corporate Bitcoin holder, has once again sparked speculation about another potential sale. According to Lookonchain, a wallet associated with Strategy transferred 299.843 BTC, valued at nearly $19 million, to a new address. This move comes after Strategy's sale of 3,588 BTC worth $216 million in July, its last major on-chain movement. The transfer has fueled speculation among crypto traders that another sale could follow, although there is no evidence the Bitcoin has been sold.

Strategy has been restraining Bitcoin purchases for three consecutive weeks, and has sold Bitcoin in recent months to fund preferred stock dividends on its STRC instrument. The firm has also cut back on buying Bitcoin, directing the proceeds to its USD Reserve. This move is part of Strategy's new capital framework, which formally permits the selective sale of up to $1.25 billion of its holdings.

Strategy's recent Q2 loss of $24.45 per share was driven by an $8.32 billion unrealized loss on its Bitcoin holdings under fair-value accounting rules. CEO Michael Saylor attributed the loss to a 'meaningful Bitcoin price decline' and 'muted Bitcoin sentiment and market skepticism.'

However, not all are convinced that Saylor would be selling more Bitcoin. Some users on Stocktwits pointed out that Saylor has changed his net-buyer stance to a net-seller, and expect the firm to buy more.

Strategy's MSTR stock was down over 1% during pre-market trading hours, while retail sentiment around MSTR remained in the 'bearish' zone.