Strategy has transferred 3,568 Bitcoin (BTC) worth roughly $297 million, just hours after the company added another 1,666 BTC to its massive holdings.
The movement has raised questions about whether Strategy is preparing to sell some of its Bitcoin or simply moving coins between wallets.
Blockchain tracking firm Whale Alert highlighted the transaction in an X post Monday, asking whether Michael Saylor's Strategy was “dumping BTC again, or just moving funds to new wallets?†The tracker said the company transferred the 3,568 BTC over a nine-hour period.
Notably, while there is no confirmation that Strategy has sold the Bitcoin, the timing of the transfer is interesting.
On September 28, Michael Saylor disclosed that Strategy had purchased 1,666 BTC for approximately $142.7 million at an average price of $85,681 per coin. The purchase pushed its Bitcoin holdings to 847,666 BTC, representing roughly 4% of Bitcoin's maximum supply.



 
That followed a 950 BTC purchase announced on September 21 for about $75.7 million. Across three September purchases, Strategy has added roughly 7,200 BTC after selling thousands of coins earlier this year.
Strategy had previously sold 6,948 BTC for approximately $431.8 million in net proceeds, or around $62,150 per Bitcoin. In August, it also sold another 1,690 BTC and used the proceeds to repurchase STRC.
The company has also made it clear that Bitcoin sales remain part of its financial strategy.
Following its second-quarter results, CEO Phong Le said Strategy would no longer automatically put all capital raised through STRC issuance into Bitcoin. Instead, the company would decide how much capital to allocate to BTC and how much to keep in dollars.
That policy gives Strategy room to move or sell Bitcoin when it considers doing so commercially appropriate.
Meanwhile, the company's buying spree has already attracted criticism from Bitcoin skeptic Peter Schiff. After the September 21 purchase, Schiff pointed to Strategy's earlier sales and questioned its decision to buy Bitcoin back at significantly higher prices.
“Now he's buying back some of what he sold for over $80K per Bitcoin,†Schiff had said. “It won't be long before he's selling at lower prices again.â€
However, analyst BLMihnea offered a different take on the latest transfer, arguing that a sale would make little sense so soon after Strategy's latest Bitcoin purchase. He also pointed to the company's roughly $6 billion in cash reserves, suggesting it is not under immediate pressure to sell.
“Why would he sell BTC when he just bought it a few days ago?†BLMihnea told his 56,400 followers on X.
He added that Strategy could potentially use STRC to raise funds and buy Bitcoin again, particularly with the preferred stock trading around $99. In his view, the latest transfer may therefore be part of Strategy's broader treasury strategy rather than an indication that the company is preparing to dump Bitcoin.
At press time, BTC was trading at $84,485, down 0.61% in the past 24 hours.
