Strategy Moves 411 BTC to Coinbase Prime as Polymarket Sell Odds Hit 84%

Strategy transferred 411.48 BTC, worth about $30.3 million, to Coinbase Prime on May 29, its first direct deposit to an exchange-linked platform since 2024. The timing during a bitcoin decline revived speculation that the company could be preparing to sell, though transfers can also reflect custody, collateral, rebalancing, or settlement. The move coincided with renewed scrutiny of Strategy’s financing, including about $15 billion in outstanding perpetual preferred stock and roughly $1.5 billion in annual dividend obligations. Jeff Dorman warned that these obligations could put Strategy in a bind, increasing the risk of a forced sale that could affect bitcoin’s price and Strategy’s large bitcoin holdings.

"Strategy (formerly Microstrategy), the largest corporate holder of bitcoin, moved 411.48 BTC worth about $30.3 million into Coinbase Prime on May 29, according to onchain trackers. Analysts flagged the transfer as the company's first direct deposit to an exchange-linked platform in nearly two years, immediately reviving speculation that executive chairman Michael Saylor's firm could be preparing to sell."

"That said, the deposit alone does not confirm a sale, given that large corporate holders routinely shift coins for custody, collateral, rebalancing, or settlement without liquidating a position. But the timing of the development, i.e. during a weeklong bitcoin slide, has been enough to lift the odds of a Strategy bitcoin sale before Dec. 31, to 84% on the decentralized prediction market Polymarket."

"Jeff Dorman, chief investment officer at digital-asset manager Arca, wrote on May 28 that the MSTR story had gotten out of hand, pointing to roughly $15 billion in outstanding perpetual preferred stock that carries about $1.5 billion in annual dividend obligations. Those preferred shares, issued under tickers such as STRK, STRF, STRD, and STRC, were sold aggressively on expectations of a major bitcoin rally, Dorman argued."

"The warning lands against a jittery backdrop, given that U.S. spot bitcoin exchange-traded funds (ETFs) have bled cash for days, and bitcoin has slipped well below its all-time high. Strategy has met every distribution so far, paying"

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