On-chain data shows that Strategy transferred 411.48 bitcoins to Coinbase Prime on May 29, equivalent to approximately $30.3 million at the time. This marks the first time in nearly two years that the company has been found directly transferring cryptocurrency to an exchange, drawing market attention to its subsequent financing plans.
The transfer was completed in two transactions.
Lookonchain disclosed the transaction, and Arkham Intelligence records show that the funds were transferred out in two installments: 205.3 and 206.2 bitcoins, with a small test transfer of 0.0241 bitcoins. Test transfers are typically used to verify that the address and process are correct.
The receiving address was Coinbase Prime. For Strategy, a firm known for its long-term Bitcoin accumulation, directly transferring coins to an exchange is unusual, thus this transaction quickly attracted market attention.
The company has mentioned the possibility of raising funds by selling cryptocurrency.
The company disclosed that selling Bitcoin could be a financing tool under certain circumstances. Strategy management previously stated in the Q1 earnings call that, if necessary, the sale of some Bitcoin could be used to meet funding needs such as dividend payments.
This statement has attracted attention because the company has historically maintained a core strategy of continuously holding Bitcoin. Now that management has publicly mentioned the option of selling Bitcoin, it indicates that they are retaining greater flexibility in their cash management.
Convertible bond repurchase is a key focus.
Recent filings also show that Strategy plans to repurchase nearly $1.5 billion in 0% convertible senior notes due in 2029 with approximately $1.38 billion in cash. The company stated that funding sources may include cash reserves, proceeds from a market-value stock offering, and potential Bitcoin sales.
In an interview on May 25, Michael Saylor also stated that selling some of his Bitcoin by the end of 2026 was "not impossible." He said that using cash, equity, credit, and Bitcoin together is more flexible than relying on a single source of funding.
- Transfer amount: 411.48 BTC
- Transfer date: May 29th
- Current holdings: 843,738 BTC
Additional information:According to the data in the article, Strategy currently holds more than $65 billion worth of Bitcoin, making it the publicly traded company with the largest Bitcoin holdings globally.
