Saylor denies strategy selling rumors as BTC falls below ,000

Saylor denies strategy selling rumors as BTC falls below $96,000

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Michael Saylor, executive chairman of Strategy, denied reports that the company sold 47,000 Bitcoin as the crypto market leader’s price fell below $96,000.

Bitcoin has hit a low in the past 24 hours $94,000.73, but has since regained some lost ground to fall 1% to $95,994.91 as of 12:53 a.m. EST, according to CoinMarketCap. BTC has fallen 6% in the past week.

BTC price (Source: CoinMarketCap)

“We are buying,” Saylor said

The BTC price fell shortly after reports circulated online that Strategy, the largest corporate Bitcoin holder and pioneer of the digital asset treasury (DAT) strategy, had sold some of its holdings.

Among these reports was an

“It’s unclear if this was due to transfers or sales,” the X user said. “This is the first reported decline since July 2023, after months of steady accumulation.”

Saylor quickly replied told the X-Post, saying: “There is no truth to this rumor.”

The rumors started circulating after Saylor appeared on CNBC on Friday morning, where he made bullish comments on Bitcoin.

“We are buying,” he said. “We are actually buying quite a lot and on Monday morning we will announce our next purchases. I think people will be pleasantly surprised.”

Saylor added that investors should expect volatility and that Bitcoin requires a four-year time horizon.

Arkham says recent strategy moves are a portfolio realignment and not a sale

The fear that Bitcoin Treasury leader Strategy would sell off some of its holdings was likely caused by on-chain moves made by the company.

Arkham Intelligence confirmed that transfers were indeed taking place across Strategy’s portfolios, but said the moves were part of a wider portfolio reshuffle.

“Over the past two weeks, the Arkham platform Strategy has seen a series of transfers from Coinbase Custody (their existing custodian) to a new custodian,” the report said. said on November 14.”It is likely that today’s transfers are a continuation of this rotation. On-chain movements do not mean that Strategy has sold their BTC, and transfers from Arkham’s Strategy entity do not automatically imply asset sales.

The company further noted that large companies like Strategy “regularly undergo wallet and custodian rotations for security, operational or counterpart risk management reasons.”

“The reaction to the BTC by Strategy move has been exacerbated by the general turmoil in the markets lately,” Arkham said.

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