- Michael Saylor’s Strategy transferred 411.48 BTC worth $30.3 million to Coinbase Prime.
- Polymarket odds of Strategy selling BTC by the end of 2026 surged to 84% after wallet transfer.
- The company recently used cash to repurchase $1.5 billion in convertible notes.
Blockchain tracker Lookonchain said Strategy moved 411.48 BTC worth roughly $30.3 million to Coinbase Prime. Soon after, Polymarket odds of MicroStrategy selling bitcoin before Dec. 31, 2026, jumped to 84%.
This single wallet transfer triggered fresh debate around Strategy’s Bitcoin model this week.
The transfer came just days after Strategy used cash to repurchase $1.5 billion worth of 0% convertible senior notes due 2029 for $1.38 billion instead of buying more bitcoin. The repurchase cut the company’s cash reserves to roughly $871 million after related capital transactions.
Michael Saylor later posted on X: “This week we bought bonds, not bitcoin.” Markets immediately started debating whether the company’s bitcoin-only treasury strategy was beginning to change.
Debt Repurchase Sparks Sentiment Shift
The company reduced outstanding debt obligations from $8.2 billion to $6.7 billion through the bond repurchase.
Strategy currently holds 843,738 BTC acquired at an average price of $75,700 per coin, representing a total purchase cost of around $63.9 billion.
Although MSTR shares initially reacted to the news, the stock still gained 1.9% in pre-market trading after BTC recovered toward $77,000 over the weekend. Still, market discussions quickly shifted toward Strategy’s leverage exposure and financing structure.
Analyst FinancialFreedom said the mood around MSTR flipped sharply within two weeks. Earlier, traders were focused on STRC and aggressive bitcoin accumulation.
After the bond repurchase, concerns quickly shifted toward leverage risk and potential problems inside Strategy’s financing structure. Part of that debate is centered around yield spreads between Strategy-linked products.
Bitcoin supporter Bradley Wolfe argued the recent pressure has less to do with cash being used for convertible bond repurchases and more to do with the narrowing spread between SATA and STRC products.
According to Wolfe, SATA yields roughly 11.5% while STRC offers around 13%. As competing digital credit products gain credibility, investors may no longer see enough premium in STRC to justify additional risk.
FinancialFreedom agreed that the shrinking spread is becoming a major factor in current market positioning. Another market participant, HODLWhisperer, argued the issue may instead be tied to retail demand preferences, especially products offering daily dividends.
Still, the broader market debate continued to center on whether Strategy’s recent actions signaled a shift in its long-standing Bitcoin accumulation approach.
Saylor has previously said that Strategy may occasionally sell small portions of BTC for operational flexibility while remaining a long-term net buyer.
Related: Strategy Cuts $1.5B in Convertible Debt as Weekly Bitcoin Buying Pauses
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