MicroStrategy, known as the largest corporate holder of Bitcoin (BTC), recently made headlines after withdrawing 411.5 BTC from Coinbase Prime just hours after depositing the same amount. This sudden reversal alleviated concerns surrounding the possibility that the company, led by CEO Michael Saylor, was preparing to sell its Bitcoin holdings for the first time in several years.
The initial deposit of BTC was identified by on-chain trackers as MicroStrategy’s first direct move on an exchange in nearly two years. This transaction was executed in two separate batches, each containing approximately 205 BTC, alongside other smaller wallet activities. Saylor had previously hinted that the company might consider selling some Bitcoin before year’s end, citing capital and dividend needs. His comments had already impacted prediction market odds, which spiked significantly before the Coinbase Prime withdrawal.
Data from Polymarket indicated that the likelihood of MicroStrategy selling any Bitcoin in 2026 surged above 90% following the initial deposit. However, these odds eased after the firm retracted its Bitcoin, yet they remained elevated. The community took to social media to speculate on whether Saylor’s firm canceled its planned sale, with one user asking, “Did Michael Saylor’s Strategy cancel its BTC sale?”
Despite the recent fluctuations, Bitcoin remains close to $73,532, while the broader market shows minimal signs of contagion. Currently, MicroStrategy holds a total of 843,738 BTC, valued at over $62 billion. The company has not acquired any new Bitcoin since May 18, marking its longest pause in weekly accumulation amidst a cooling demand for corporate Bitcoin.
In a separate development, BitMine Immersion Technologies, headed by cryptocurrency investor Tom Lee, made a major purchase of 25,000 Ethereum (ETH) for $50.6 million, further expanding one of the largest corporate ETH accumulation programs in the market. This acquisition raised BitMine’s total holdings to about 5.39 million ETH, which is approximately 4.47% of the total ETH supply, closely approaching Lee’s yearly target of 5%.
BitMine’s strategy involves staking more than 4.7 million ETH through its Made in America Validator network, yielding an annualized return of around $276 million. Although Ether is currently trading near $2,011, having experienced a 10% decline over the last month, Lee views this weakness as an opportunity, emphasizing the potential for tokenization growth and the increasing demand for computing power driven by artificial intelligence.
However, while BitMine is actively accumulating Ethereum, some early investors or “Ethereum OGs” have started liquidating their holdings. Notably, one such entity sold 55,000 ETH, valued at $112 million, along with an additional 9,442 wstETH for $24 million last week, at an average price of $2,041 per ETH.
As the cryptocurrency landscape continues to evolve, the actions of major players like MicroStrategy and BitMine will undoubtedly shape market sentiments and strategies in the months to come.
