Transfer of $30M in Bitcoin to Coinbase sparks speculation about Strategy’s intentions

Strategy, the world’s largest Bitcoin holder, sparked a wave of speculation after moving 411.48 Bitcoins worth more than $30 million to Coinbase Prime on May 29.

The move comes as traders’ expectations for the possibility of the company selling some of its Bitcoin reserves before the end of 2026 have increased, as the probability reached 84% on the “Polymarket” platform.

While moving currencies to trading platforms does not necessarily imply an intention to sell, analysts said these operations could be related to over-the-counter (OTC) trading, financial guarantee arrangements or institutional asset management.

But fueling the intensity of speculation is the recent statement by board executive chairman Michael Saylor that he would not rule out the possibility of selling some of the company’s Bitcoin holdings in the future, a marked change from his traditional stance in favor of permanently retaining Bitcoin.

The statements came during the release of first-quarter 2026 results, in which the company disclosed a net loss of $12.5 billion.

During the financial meeting, Thaler said that selling some of his Bitcoin could be one of the options to provide dividends to shareholders.

Another move the company made this week that raised eyebrows was to buy back $1.5 billion worth of convertible bonds due in 2029 instead of continuing to buy more Bitcoin as the market is accustomed to.

Despite these concerns, just hours before the transfer was discovered, Thaler posted a brief message on the X platform in which he wrote just one word: “HODL,” a famous phrase that calls for keeping Bitcoin rather than selling it.

At the market level, due to renewed tensions between the United States and Iran, Bitcoin is under additional pressure, causing its price to fall by more than $2,000 in the short term.

The price of Bitcoin is currently trading above $73,000, down about 5% from the past week and slightly below the average “strategic” purchase price of about $75,700 per Bitcoin, causing the company’s investment to currently record a slight paper loss.

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