Strategy (MSTR) Stock: $297 Million Bitcoin Transfer Sparks Selling Rumors

TLDR

• Strategy stock traded near $156.51, down roughly 3% over the week.
• On-chain trackers flagged $297 million in BTC leaving Strategy-linked wallets over nine hours.
• Arkham analysts said the transfers were internal Fidelity Custody moves, not a sale.
• Strategy actually bought 1,665 more BTC last week for $142.7 million.
• The firm now holds 847,666 BTC worth about $71 billion at current prices.

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Strategy stock traded around $156.51 on Tuesday, down roughly 3% over the past week. The move came as on-chain trackers flagged a $297 million bitcoin transfer that had crypto traders asking one question: is Michael Saylor’s firm selling?

Strategy Inc, MSTR

The alert came from blockchain tracker Lookonchain, which spotted 12 outbound transfers from Strategy-labeled wallets over nine hours. Added together, the transfers totaled about 3,568 BTC.

Arkham analyst Emmett Gallic quickly stepped in to clarify things. He said the transfers were normal movements within Fidelity Custody, not a sale of Strategy’s bitcoin.

Fidelity treats client bitcoin deposits as pooled funds rather than keeping each customer’s coins in a separate wallet. When the custodian reshuffles its own addresses, it can look like coins are leaving a client’s wallet even though ownership never changes.

Is Michael Saylor(@saylor)’s @Strategy dumping $BTC again, or just moving funds to new wallets?

Over the past 9 hours, #Strategy has transferred out 3,568 $BTC ($297M).https://t.co/bgZyNCEqBn pic.twitter.com/3vWTSs6ihX

— Lookonchain (@lookonchain) September 29, 2026

Traders still had reason to be jumpy. Back on June 29, Strategy launched a BTC Monetization Program allowing it to sell bitcoin from time to time to raise up to $1.25 billion for its USD Reserve.

A July filing confirmed the firm sold 1,363 BTC between June 29 and 30, then another 2,225 BTC in early July. Those sales stood out because Saylor has spent years building a reputation for never selling.

The timing of Tuesday’s transfer didn’t help calm nerves either. It surfaced right as bitcoin’s price dipped below $83,000 before recovering, and roughly $500 million in crypto positions were liquidated market-wide.

Strategy Keeps Buying

The company’s latest filing tells a different story than the rumors suggested. Strategy bought 1,665 BTC between September 21 and 27 for $142.7 million, an average of $85,681 per coin.

That purchase pushed its total holdings to 847,666 BTC, acquired for about $63.95 billion overall. The average cost per coin now sits at $75,437.

With bitcoin trading near $83,800, that stash is worth roughly $71 billion. That puts Strategy’s paper gain at about $6.5 billion, though the cushion is thinner than it looks.

Last week’s purchase at $85,681 per coin is already underwater given current prices. It’s a reminder that even a firm this deep into bitcoin isn’t immune to short-term swings.

Stock and Market Reaction

Strategy paid for the recent buy by selling roughly 1.47 million MSTR stock. Part of the proceeds also went toward buying back $103.5 million worth of its STRC preferred stock.

The company still holds $6.02 billion in cash reserves, giving it room to pay dividends without touching its bitcoin. That’s a cushion many crypto-focused firms simply don’t have.

Bitcoin itself recovered to about $84,500 before settling near $83,900. Liquidations across the crypto market totaled around $68 million over 24 hours, split almost evenly between long and short positions.

Saylor has continued promoting bitcoin publicly in recent days. He’s proposed new rules that would let banks lend against bitcoin holdings, and he keeps sharing his weekly purchase updates through his Sunday charts.