Michael Saylor’s Strategy is the headline today for moving 411.48 Bitcoin, worth $30.3 million, to Coinbase Prime.
At the time of writing, the intention for the move was still unclear. However, the community speculated that this was likely a possible sell-off signal from the company.
Some factors fueling this speculation include recent statements from Strategy leadership that they may sell some of their BTC holdings in the future.
In a recent interview with Fox Business, Strategy CEO Phong Le even said said,
It may be decided on a week-by-week or day-by-day basis that we should sell BTC because it will make a positive contribution to our shareholders in the long term. We will probably sell BTC at some point.
He noted that one of the reasons the company would sell BTC is to “capitalize on unrealized tax losses.” The company suffered a net loss of $12.54 billion in the first quarter of 2026, mainly due to the decline in BTC prices.
There is an 86% chance that Strategy will sell BTC in 2026
Phong Le assured that they will always “net buy” BTC even if they occasionally sell some of their stock. But the market expected the sell-off could start as early as June.
According to Polymarket, the market estimated a 67% and 86% chance of Strategy selling BTC by June or December 2026.
Another reason for the fear of a sell-off was the recent one pension of $1.5 billion of its convertible debt maturing in 2029.
For analyst Glenn Cameron of Onramp Bitcoin, Strategy burned its USD reserve, intended to cover preferred equity interest obligations, including Stretch (STRC), to pay down convertible debt.
Now, the coverage of USD reserves has fallen from 2.5 years ($2.25 billion in February) to about six months ($871 million in May). Cameron warned,
STRC investors better hope that nothing unexpected freezes the ATM (stock sales) window.
Arca CIO Jeff Dorman also questioned the company’s move into convertible debt warned,
This is the first time that MSTR, BTC and Pref holders are really in trouble. Someone is going to lose big here, and that will happen in the next four months.
Amid the FUD, BTC price extended its pullback to $72K, wiping out almost all of the second quarter gains. But it tried to defend the lower range of its 2026 rising channel.
Final summary
- Strategy brought $30 million to Coinbase Prime, reigniting selloff fears.
- CEO Phong Le said they could sell BTC for tax loss harvesting.