Michael Saylor's Strategy (formerly MicroStrategy) has deposited Bitcoin to the Coinbase exchange, according to on-chain data. The move comes after Saylor earlier announced the company may sell some of its BTC holdings to fund dividends. Bitcoin has fallen below $73,000, and MSTR stock has crashed more than 22% in two weeks.
On-chain deposit spotted
Blockchain trackers picked up the deposit on Saturday. The transaction sent a tranche of Bitcoin from a wallet linked to Strategy to Coinbase's hot wallet addresses. On-chain sleuths flagged the movement within hours. Strategy didn't immediately comment, but the timing lines up with Saylor's earlier dividend talk.
Saylor's dividend plan
Saylor said this month that the company might sell some Bitcoin to pay dividends. It's a shift for a firm that built its reputation on hoarding the asset. Strategy now holds over 400,000 BTC — but that pile comes with debt. The dividend plan would give shareholders a cash payout, but it also means selling the very thing the company is known for buying.
Market pressure
Bitcoin dropped below $73,000 this week, its lowest level in weeks. The broader market's been rough — regulatory noise and macro jitters aren't helping. MSTR, which trades like a leveraged Bitcoin proxy, took an even bigger hit. The stock's down more than 22% over the past two weeks. That's a sharp reversal from the run earlier in 2026.
Whether Strategy actually sells more Bitcoin, or just moved this batch for other reasons, remains the open question. The market's watching Saylor's next move — and whether the dividend plan becomes a real sell-off.
