Is Bitcoin Bull Michael Saylor Getting Ready to Sell? There’s On-Chain Activity

Strategy transferred approximately 411 BTC (worth about $30.3 million) to the Coinbase Prime platform a few hours ago. On-chain data indicates that these Bitcoins were among the company’s highest-cost purchases.

According to the data, the transferred BTC were purchased by Strategy in September-October 2025 when the Bitcoin price was above $110,000. It is stated that only about 5% of the company’s total Bitcoin reserves have such a high cost basis. Considering that Bitcoin is currently trading at around $73,000, this position is estimated to be approximately 37% in the red, carrying an unrealized loss of around $17 million.

Following the transfer, speculation intensified in the markets that Strategy might be preparing to sell Bitcoin. The company’s founder and Chairman, Michael Saylor, had previously stated that a Bitcoin sale could be considered if necessary to optimize its debt structure.

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On the other hand, according to data from the prediction platform Polymarket, the probability of the contract stating that “MicroStrategy will sell Bitcoin before December 31, 2026” has risen to 84%. This rate indicates that a significant portion of investors believe the company may sell at least a limited amount of Bitcoin in the coming months.

However, it’s worth noting that transfers to Coinbase Prime don’t always signify a sell. Institutional investors and companies may move assets to Coinbase Prime for various reasons, such as collateral management, custody services, debt transactions, or portfolio restructuring. Therefore, such a transfer alone is not considered a definitive sell signal.

*This is not investment advice.

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