Strategy selling? Saylor’s Bitcoin transfer to Coinbase puts his treasury model under cash pressure
Strategy moved over 411 BTC to Coinbase Prime, prompting speculation about a possible sale, though no sale has been confirmed. The transfer looked different from prior custody reshuffles because the coins moved through new wallets and into a P2SH address linked to Coinbase Prime/OTC activity. The move matters because Strategy’s financing model is under pressure: it paused new Bitcoin buys, repurchased convertible debt, and has said Bitcoin sales could become part of its funding toolkit if needed. Its dollar reserve has fallen sharply, while the STRC preferred stock trades below par, raising concerns about future dividend coverage and investor confidence. Analysts say Strategy may need to rebuild cash soon, possibly by selling some higher-cost Bitcoin lots. Others argue the company now faces a bind between protecting its Bitcoin stack and supporting preferred investors, with the next few months critical for its capital structure.
