Bitcoin News Today: Strategy's Market Cap Dips Below $62B Bitcoin Holdings, Fueling Sell-Off Rumors

Michael Saylor, Executive Chairman of Strategy Inc. (MSTR), has denied recent speculation that the company is selling its Bitcoin holdings, reaffirming his commitment to an aggressive accumulation strategy amid the cryptocurrency's recent price slump. In a Friday interview on CNBC, Saylor stated, "We are buying Bitcoin, and we'll report our next buys on Monday morning," adding that the firm has accelerated its purchases. The remarks come as Bitcoin fell below $95,000, its lowest level in six months, sparking rumors fueled by on-chain data showing movements from Strategy-controlled wallets.

The rumors gained traction after crypto intelligence platform Arkham Analytics noted transfers of 43,415 BTC from Coinbase Custody to a new custodian, which some interpreted as a sign of a sell-off. However, Arkham clarified that these were routine wallet rotations and did not indicate asset sales. Saylor, echoing this, dismissed the speculation on X, stating, "There is no truth to this rumor," and emphasizing that the company's Bitcoin stockpile-now valued at $62.3 billion-remains untouched.

Strategy's strategy has drawn scrutiny as its market capitalization ($59 billion) dipped below the value of its Bitcoin holdings, pushing its market-to-net-asset value (mNAV) below 1, a metric often cited as a sign of undervaluation. Despite the stock's 32% decline over the past month, Saylor remains bullish, arguing that Bitcoin's recent volatility has created a "strong base of support" for a potential rally. He also highlighted the company's financial stability, noting that even an 80% drop in Bitcoin's price would not trigger forced sales, as Strategy's debt does not mature until 2028.

Analysts have weighed in on the firm's strategy. TD Cowen's Lance Vitanza noted that while Strategy has no legal obligation to sell Bitcoin, the company's $735 million annual dividend burden could pose challenges if market conditions worsen. Meanwhile, on-chain analyst TedPillows debunked the $1 billion sell-off claims, attributing the movements to internal wallet transfers.

The broader market context adds to the uncertainty. Bitcoin's decline has coincided with a broader sell-off in crypto-linked assets, with spot Bitcoin ETFs experiencing $867 million in outflows last week. However, Saylor remains focused on the long-term, advocating for a four-year time horizon to weather volatility and outperform traditional assets like gold and the S&P 500.

As of Friday, Strategy holds 641,692 BTC, acquired at an average price of $74,079 per coin. The company recently announced plans to raise $715 million through Euro-denominated preferred shares in Luxembourg, further funding its Bitcoin purchases. Saylor's unwavering stance has positioned Strategy as a bellwether for institutional Bitcoin adoption, even as critics question the sustainability of its leveraged approach.