Strategy Inc. transferred 411 BTC from corporate wallets to Coinbase Prime in two 205.3 and 206.2 BTC movements, reviving questions about potential bitcoin sales. The company recently repurchased $1.5B of 0% convertible notes for $1.38B, leaving it with 843,738 BTC holdings and an $871M cash reserve.
Strategy Inc. executed two transfers of roughly 205.3 BTC and 206.2 BTC from company-linked wallets to a Coinbase Prime address, marking its first major on-chain exchange deposit in nearly two years. While not confirmed as a sale, the move drew scrutiny because it followed a recent balance-sheet update and could signal use of bitcoin as a financing tool.
The company completed the repurchase of $1.5 billion in 0% convertible senior notes due 2029 for approximately $1.38 billion in cash. Post-repurchase, Strategy Inc. reports $6.7 billion in convertible notes outstanding and maintains an $871 million U.S. dollar reserve alongside its bitcoin holdings.
With 843,738 BTC on the balance sheet, Strategy’s preferred-stock structure and capital stack face renewed pressure if market sentiment weakens. Management has flagged the option of disciplined bitcoin sales to manage dilution and debt maturities, raising questions about the sustainability of its accumulation strategy as bitcoin trades near cost basis.
