MicroStrategy Withdraws 411.5 BTC After Coinbase Deposit

MicroStrategy withdrew 411.5 BTC from Coinbase Prime hours after depositing the same amount, reversing an exchange transfer that had prompted speculation about a corporate Bitcoin sale.

On-chain trackers flagged the initial deposit as MicroStrategy’s first direct exchange transfer in nearly two years. The movement was split into two batches of roughly 205 BTC each, with several smaller related wallet transactions occurring around the same time.

CEO Michael Saylor earlier this week signaled the company could sell some Bitcoin before year-end to meet dividend and capital needs. Prediction-market odds that MicroStrategy would sell Bitcoin in 2026 rose above 90% following the deposit; those odds eased after the withdrawal but remained elevated. A social post noted the reversal and questioned whether a planned sale had been canceled.

MicroStrategy holds 843,738 BTC, valued at more than $62 billion, and has not bought Bitcoin since May 18, marking the longest pause in its weekly accumulation program. Bitcoin traded near $73,532 after the withdrawal. Movements in other large Bitcoin treasuries showed limited follow-on activity.

Tom Lee’s BitMine Immersion Technologies bought 25,000 ETH for about $50.6 million on the same day. That purchase raised BitMine’s holdings to roughly 5.39 million ETH, about 4.47% of total supply and close to the firm’s 5% annual target. BitMine stakes more than 4.7 million ETH through its Made in America Validator network, a position that produces an annualized yield of roughly $276 million. Ether traded near $2,011 after a roughly 10% decline over the past month.

On-chain analytics also identified an older wallet that sold 55,000 ETH and 9,442 wrapped staked ETH over the past week, totaling about $112 million and $24 million at an average price of $2,041 per ETH. The day’s activity combined fresh corporate buying with sizable sales from veteran wallets, reflecting varied behavior among large holders.