Strategy’s 491 BTC Mystery Revives Debate Over Saylor’s Sell Policy

Strategy faced new scrutiny after an unconfirmed wallet transfer raised speculation that the company may have sold more Bitcoin (BTC).

Key Points:

Bitcoin Transfer

Speculation spread after pseudonymous trader Light flagged a July 1 on-chain transfer involving 491 BTC, worth about $30 million at current prices.

The transaction has not been confirmed as a sale.

The amount equals about 0.058% of the 847,363 BTC that Strategy reported in its latest SEC disclosure, a position that represents roughly 4% of Bitcoin’s 21 million coin supply.

The timing made the transfer more sensitive. Strategy adopted a Bitcoin monetization framework on June 29, allowing up to $1.25 billion in tactical sales to fund dividends and buybacks, while its raised 12% STRC preferred dividend took effect on July 1.

Analyst Crypto Rover amplified the claim, writing, “Michael Saylor’s Strategy may have just sold 491 BTC on July 1st. The transaction hasn’t been confirmed yet, but if true, this would be one of the first signs of Strategy reducing its Bitcoin position after years of “never sell” narratives…”

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Strategy Reaction

Bitcoin showed little sign of pressure from the rumor. The coin opened Friday at $61,492, up 2.5% from Thursday, and later traded at $62,016, up 1.35% over 24 hours.

That move put Bitcoin more than 7% above its July 1 low of $57,800.

The recovery appeared to track weaker June jobs data and broader risk appetite more than treasury headlines, while traders on X split between dismissing the transfer as too small to matter and warning that repeated sales could damage sentiment.

The calm response also contrasts with JPMorgan’s recent warning that Strategy’s new sales policy could add risk to the crypto market, although a fully absorbed $30 million transfer would suggest demand remains strong for now.

Confirmation depends on Strategy’s own disclosures. The company reported its May Bitcoin sale within days, meaning any filing could show whether the July 1 transfer was a sale, custody move or internal reshuffling.

Strategy’s history explains why traders are watching closely. The company sold 32 BTC in late May to cover preferred stock dividends, its first sale since December 2022, when it sold 704 BTC for tax-loss harvesting before repurchasing 810 BTC within days.

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