In a move to quell rumors regarding significant Bitcoin sales, Michael Saylor, executive chair of the acquisition vehicle Strategy, addressed speculation that the company had offloaded thousands of coins during a recent market downturn that saw Bitcoin dip below $95,000—its lowest point in six months. Saylor firmly called these claims “false,” reaffirming that Strategy continues to accumulate Bitcoin despite recent market volatility.
The speculation ignited when crypto analytics platform Arkham reported a drop in Strategy’s Bitcoin holdings from 484,000 BTC to 437,000 BTC, amounting to about $4.6 billion at the time. This report emerged as Bitcoin experienced a sharp decline, prompting alarm within the market. Saylor, responding through a post on X, emphasized that there was “no truth” to the rumors of a sell-off by the firm.
Speaking on CNBC, he reiterated that Strategy was not only refraining from selling but was actually increasing its purchases. “We are buying,” he stated, adding that the company would disclose its latest acquisitions soon. Saylor also highlighted the necessity for Bitcoin investors to maintain a long-term perspective and to be ready for market fluctuations.
Internal data from Strategy corroborated Saylor’s statements. According to the company’s dashboard, its total Bitcoin holdings remained at 641,692 BTC, consistent with previous disclosures. SEC filings confirmed ongoing accumulation throughout early November. However, the movement of over 58,000 BTC to new wallets resulted in algorithmic trading activity, which further strained the already fragile crypto markets. Analysts later clarified that these transfers were due to custody restructuring rather than intended liquidation.
The impact of these events was felt not only in the cryptocurrency market but also in Strategy’s financial position. Shares of Strategy, listed on Nasdaq under the ticker MSTR, plunged to below $200 in pre-market trading—a value not seen since October 2024. This decline marked a significant moment, with the company’s Net Asset Value multiple slipping below 1 for the first time, indicating that investors valued Strategy at less than the actual worth of its Bitcoin holdings.
Analyst data revealed a staggering contraction of $79.2 billion in MSTR’s equity premium relative to its Bitcoin holdings since November 2024. Despite raising over $31 billion through share issuance during that period, it was estimated that nearly $48 billion of implied demand for Bitcoin did not convert into actual purchases.
Market observers noted a shift in how investors perceive MSTR as a proxy for Bitcoin exposure. While some analysts dismissed the likelihood of liquidation, citing Saylor’s statements and the company’s debt structure, others pointed to a potential need for partial sales in a future bear market scenario.
Overall, despite ongoing turbulence in digital assets and shifts in U.S. markets, Strategy maintains its status as the largest corporate holder of Bitcoin, albeit with its market share decreasing from 75% to 60% as competition increases among firms accumulating Bitcoin in their treasuries.
