Is Michael Saylor Selling Bitcoin As Strategy Moves $796M BTC?

Highlights

Strategy moved $796M Bitcoin to new wallets, triggering market speculation over a potential sell-off.
On-chain data and past behavior suggest this move is potentially related to custody protocol, rather than a BTC sell-off.
With over $21B in Bitcoin profits and a long-term bullish outlook, Michael Saylor is likely to hold.

The recent Bitcoin activity by Michael Saylor’s Strategy has alarmed crypto investors, as they have moved $796M worth of tokens. This has sparked speculations that Saylor may have begun a BTC selling spree. Michael Saylor’s trust in BTC has led the Strategy (formerly known as MicroStrategy ) to buy this token actively and has inspired others, including Japan’s Metaplanet.

Strategy Moves $796M Bitcoin To New Wallets

Despite a hint that Strategy may buy more Bitcoin, the crypto market investors are in turmoil, as the firm moved millions worth of BTC. According to on-chain analytics platform Lookonchain’s findings, Saylor’s firm has moved 7,382 BTC, equivalent to $796M on Sunday. Notably, these tokens have been transferred to three new wallets, but the team has not disclosed the potential reasons behind this move.

With 597,325 BTC, worth $64.48 billion, Bitcoin holdings, Strategy is the face of corporate companies’ digital asset buying. More importantly, with billions worth of holdings, their selling could crash the entire crypto market and wreck investors’ confidence to the bottom.

The fear of selling is also evident, as Michael Saylor has sold BTC in the past as well. Lookonchain noted that on Dec 22, 2022, they sold 704 BTC ($11.81M). However, they repurchased 810 BTC just two days after that.

Moreover, Strategy CEO, Phong Le, is on a MSTR stock selling spree, as he has moved the majority of his holdings. Experts cite it as a major bearish move for Bitcoin. Additionally, the CryptoQuant data highlighted a critical demand deficit for BTC. This indicates that a lot is happening involving Bitcoin at the current stage, which is generating fear among investors.

Is This Just a Move or Michael Saylor Selling BTC?

Saylor’s firm has been buying BTC for 12 straight weeks now. Last week alone, the firm purchased $26M worth of tokens and bought another 4,980 BTC today, continuing its long-term accumulation approach. Although the move can lead to any possibility, crypto market experts like Brian Rose consider this to be just a custody management or security protocol.

“MicroStrategy transferred 7,383 $BTC (~$796M) to 3 new wallets, for better custody management,” says Brian Rose.

More importantly, Michael Saylor has not sold any Bitcoin except in the December 2022 incident. He even endorses others to sell whatever they can to support themselves, not Bitcoin. With his perspective, the firm now sits on more than $21 billion in profits over BTC.

As Saylor envisions Bitcoin hitting $21 million in 21 years at the annual growth rate of 21% and buying $531 worth of BTC today, experts discard the selling possibility of the recently moved token.

On-chain experts’ breakdown of the Strategy $796M Bitcoin move as a custody protocol, not a sell-off. However, these are just speculations, and the firm’s clarification on the subject is pending at press time.

Frequently Asked Questions (FAQs)

1. How much Bitcoin does Strategy hold?

Strategy holds 592,345 BTC, valued at approximately $64.28 billion.

2. Has Strategy sold Bitcoin before?

Yes, Strategy sold 704 BTC in December 2022 but repurchased 810 BTC just two days later.

3. Is Michael Saylor selling these $796M worth of Bitcoin?

The potential reason behind the $796M Bitcoin move remains undisclosed, but experts speculate it to be security or custody management.

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Pooja Khardia

Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section. Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights. Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry. When not behind the keyboard, Pooja embraces her creative side through drawing and crafting. Connect with Pooja on LinkedIn or X.

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