Strategy moves 38,657 BTC, sparking sell-off rumors as Saylor insists the firm is still buying

Strategy sparked rumors of selling some of its BTC holdings, as some of the company‘s known wallets started moving BTC. Michael Saylor, Strategy’s executive chairman, denied the rumors and said they are actually buying BTC.

Strategys wallets originated several large-scale transactions, moving a total of 38,657 BTC from known public addresses. Some of the coins were moved to new wallets, with no further transactions.

Strategy performed several transactions, with funds sent to Coinbase Custody wallets. | Source: Arkham Intelligence

The rumors of selling started just as BTC dipped under $95,000, causing further market panic. On social media, fake screenshots were distributed, suggesting Strategy may be dumping its BTC.

In the past 24 hours, Strategys wallets sent out seven large transactions, ending up in Coinbase Custody wallets. Some of the patterns are unusual, but traders urged to avoid panic and spreading fear.

Recently, the company also saw its playbook structure under pressure, as the common stock MSTR dipped under the total estimated value of the BTC holdings.

In total, Strategy moved $1.2B in BTC for the past day. Previously, internal moves were sent to self-custodied wallets, though Strategy has been known to also use Coinbase Custody.

Michael Saylor said Strategy is still buying

Michael Saylor denied the rumors of selling, stating that Strategy was ready to buy more BTC. He also urged BTC supporters to hold through the turbulence.

We are ₿uying.pic.twitter.com/6g11E9G6pO

— Michael Saylor (@saylor) November 14, 2025

The rumors were dismissed as FUD, as Strategy is seen as a long-term holder, more likely to buy the dip than sell BTC holdings. For now, Strategy is holding for net gains, with an average acquisition price of $74,000.

Strategys MSTR threatens to slide below $200

The MSTR share price showed its correlation with BTC, extending its price drop from the past few days.

MSTR slid to $201, a price range at which the common stock is not so useful for new BTC purchases. MSTR shares may see another BTC bear market, though Strategy has tried to offset the dilution and price weakness by offering new preferred shares.

Strategys MSTR also fell after large-scale holders divested in Q3. Capital International Investors, Vanguard, and BlackRock each sold over $1B in MSTR holdings. In total, Wall Street firms divested over $5.38B in MSTR shares.

The biggest worry for Strategy is that it would need to raise new funds to pay previous obligations, including servicing debt and paying out dividends. The company raised over $700M from its STRE product, and some of the funds would go toward paying for other convertible stocks. In the absence of a BTC bear market, this approach has led to skepticism about Strategys playbook viability.

Overall, Strategy does not have direct obligations where it has to liquidate BTC to cover debt. However, the company may be pressured for cash, as it has launched products with significant demands for mandatory dividends.