Michael Saylor Denies Bitcoin Sale Rumors, Reiterates Accumulation Strategy

Michael Saylor, CEO of Strategy, has publicly denied rumors that the company sold approximately 43,415 Bitcoin, valued at around $4.26 billion. This denial comes after speculation arose from data provided by Arkham Intelligence, indicating significant movements of Bitcoin across various wallets. Saylor emphasized that the company has not divested any of its holdings, amidst a sharp downturn in the cryptocurrency market.

The rumors circulated widely after Arkham Intelligence reported large transfers, alarming investors as Bitcoin’s price fell below $95,000. In response to these concerns, Saylor asserted that the movements were part of a planned custodian rotation rather than sales. He stated, “There is no truth to the claims of a sale,” reinforcing his commitment to Strategy’s long-term accumulation strategy.

Clarification from Arkham Intelligence

Arkham Intelligence elaborated on the situation, clarifying that the recent activity likely represents a rotation of custodial services rather than a liquidation of Bitcoin assets. The firm noted that over the past two weeks, Strategy has been transferring assets from Coinbase Custody to another custodian. They stated, “On-chain movements do not mean that Strategy has sold their BTC,” suggesting that such transactions often trigger fear, uncertainty, and doubt (FUD) in the market during bearish periods.

Despite the brief fluctuations in Bitcoin’s value, Strategy’s official dashboard indicates the firm still holds approximately 641,692 BTC. Since 2020, the company has maintained its position of treating Bitcoin as a primary treasury reserve asset, consistently increasing its holdings during market downturns.

Future Outlook and Market Response

During an interview with CNBC, Saylor expressed optimism regarding Bitcoin’s future, asserting that current price levels represent a strong foundation for potential growth. He anticipates that Bitcoin will outperform traditional assets such as gold and the S&P 500 by the end of 2025. Furthermore, he announced that Strategy is actively increasing its Bitcoin purchases, with further announcements expected on March 25, 2024.

As a result of the market’s reaction to the rumors, Strategy’s class A stock, MSTR, experienced a 4.2% decline on the trading day following the speculation. At the time of publication, Bitcoin’s price had rebounded slightly to around $96,500.

This episode illustrates the volatility inherent in cryptocurrency markets and the significant impact that speculation can have on investor sentiment. As Strategy continues its commitment to Bitcoin accumulation, market observers will closely monitor its actions and the broader implications for the cryptocurrency landscape.