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Saylor Denies Strategy Sale Rumors As BTC Sinks Below $96K

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Michael Saylor, Executive Chairman of Strategy, denied reports that the firm sold 47,000 Bitcoin as the crypto market leader’s price fell below $96k.

Bitcoin hit a low in the past 24 hours of $94,000.73 but has since recovered some lost ground to trade down 1% at $95,994.91 as of 12:53 a.m. EST, according to CoinMarketCap. BTC is down 6% in the past week.

BTC price (Source: CoinMarketCap)

“We Are Buying,” Says Saylor

The BTC price fell shortly after reports circulated online that Strategy, the largest corporate Bitcoin holder and pioneer of the digital asset treasury (DAT) strategy, had sold some of its holdings.

Among those reports was an X post from Walter Bloomberg that claimed to have seen Arkham Intelligence data that showed Strategy reduced its holdings from 484,000 to about 437,000. 

“It’s unclear whether this came from transfers or sales,” the X user said. ”This is the first reported decrease since July 2023, after months of steady accumulation.”

Saylor quickly replied to the X post, saying “there is no truth to this rumor.” 

The rumors began circulating after Saylor appeared on CNBC on Friday morning, where he made bullish comments about Bitcoin. 

“We are buying,” he said. ”We’re buying quite a lot, actually, and we’ll report our next buys on Monday morning. I think people will be pleasantly surprised.”

Saylor added that investors should expect volatility and that for Bitcoin a four-year time horizon is needed.

Arkham Says Recent Strategy Movements Is A Portfolio Reshuffle, Not A Sale

The fear that Bitcoin treasury leader Strategy was selling some of its holdings was likely triggered by on-chain movements performed by the company.

Arkham Intelligence confirmed that there were indeed transfers performed by Strategy’s wallets, but said the movements were part of a broader portfolio reshuffle. 

“Over the past two weeks, the Arkham platform has shown Strategy making a series of transfers from Coinbase Custody (their existing custodian) to a new custodian,” it said on Nov. 14. ”It is likely that today’s transfers are a continuation of this rotation. On-chain movements do not mean that Strategy has sold their BTC, nor do transfers from Arkham’s Strategy entity automatically imply the sale of assets.”

The firm went on to note that large companies like Strategy “regularly undergo wallet and custodian rotations for security, operational, or counterpart risk management reasons.”

“The reaction to the movement of BTC by Strategy has been exacerbated by the general jitters in markets recently,” Arkham said. 

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