Strategy Recovers 411.5 BTC..."Not a Selling Bomb"

▲ Bitcoin (BTC), Strategy (MSTR)/AI Generated Image

Strategy has recovered the 411.5 BTC that it moved to Coinbase Prime. While fears of Bitcoin (BTC) selling have temporarily subsided, the market is closely watching Michael Saylor's next move.

According to crypto media outlet BeInCrypto on May 29 (local time), Strategy, the world's largest publicly traded Bitcoin-holding company, withdrew 411.5 BTC that it had deposited with Coinbase Prime. This amount is worth approximately $30.2 million. Immediately after the deposit into the exchange, controversy over potential selling grew, but subsequent recovery movements were detected, alleviating immediate sale concerns.

According to on-chain tracking data, this deposit was interpreted as Strategy's first direct movement of Bitcoin to a trading platform in approximately two years. The transfer was made in two batches of approximately 205 BTC each. Some small wallet movements were also detected. Market vigilance increased as this move came after Saylor mentioned that he might sell some Bitcoin to meet dividend payments and capital demands by the end of this year.

Following this deposit, the probability of Strategy selling Bitcoin by 2026 on Polymarket once exceeded 90%. After the withdrawal of funds, this probability slightly decreased but remained high. On-chain analytics account Lookonchain stated, “Has Michael Saylor's Strategy canceled its Bitcoin sale? Strategy withdrew 411.5 BTC, approximately $30.2 million, from Coinbase Prime about 5 hours ago.”

Strategy currently holds 843,738 BTC, with a holding value exceeding $62 billion. However, the company has not purchased any additional Bitcoin since May 18. BeInCrypto reported that this gap marks the longest interruption in Strategy's weekly buying trend. It was also added that this could be interpreted as a sign of slowing demand for corporate Bitcoin treasuries.

On the same day, BitMine Immersion Technologies, led by Tom Lee, purchased an additional 25,000 ETH for $50.6 million during Ethereum's (ETH) bearish period. BitMine's cumulative Ethereum holdings increased to approximately 5.39 million ETH, which accounts for about 4.47% of the total supply. This is close to the annual 5% target set by Tom Lee.

BitMine is staking over 4.7 million ETH through its Made in America Validator network. This position generates approximately $276 million in annual revenue. In contrast, some older Ethereum whales sold 55,000 ETH, worth approximately $112.25 million, and 9,442 wstETH, worth $24 million, at an average price of $2,041 last week. Strategy's Bitcoin recovery and BitMine's Ethereum purchase demonstrate that both buying expansion and selling caution are simultaneously at play in the corporate crypto treasury market.

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