Connect with us

Crypto

Blockchain Analysis Suggests MicroStrategy Could Be Secretly Selling Bitcoin

Transactions show 1500 bitcoins worth $63 million were transferred from MicroStrategy crypto wallet. Michael Saylor previously asserted that MicroStrategy will never sell its BTC holdings. These transactions have led to speculation on the internet that MicroStrategy might sell some of the Bitcoins. According to recent reports, MicroStrategy owns around 129,218 BTC, worth around $5.5 billion at the time of writing.

Published

on

In a thread posted on Twitter, blockchain analytics seem to indicate that MicroStrategy has started selling some of the Bitcoins in its holdings for the first time. No company in the world owns more Bitcoins than MicroStrategy. The company has made a name for itself in the crypto industry as a consistent investor in the largest cryptocurrency by market cap.

As a result, news of a possible sale has caused quite a stir on social media. Especially because CEO Michael Saylor previously said publicly that they would “never” sell the company’s bitcoins.

According to recent reports, MicroStrategy owns around 129,218 BTC, worth around $5.5 billion at the time of writing. If the rumors prove true, it would be the first time the company has sold the coins since it first added BTC to its balance sheet in August 2020.

Read more about MicroStrategy and its Bitcoin holdings and find out if the company is really secretly selling some of the BTC with our companion app.

Where’s the money?

Public blockchains like Bitcoin allow any user to verify and track transactions made on the network. Since MicroStrategy has significant Bitcoin holdings, the company’s wallet address is relatively easy to find.

Recent transactions in the company’s crypto wallet show that more than 1500 Bitcoins were sent to secondary addresses and then to wallets associated with well-known crypto exchanges such as Coinbase and Okex.

1500 Bitcoin are currently worth about $63 million, which is not very much compared to the company’s total holdings.

Nonetheless, these transactions have led to speculation on the internet that MicroStrategy might sell some of the Bitcoins. If one of the biggest supporters of Bitcoin and the crypto industry, in general, is secretly getting rid of its coins, it could indicate that people are losing faith in cryptocurrencies. And it could lead to massive changes in the market.

SEE ALSO  Investment as a tool for globalization

However, not everyone seems to be convinced.

Is not everything as it seems?

Some Twitter users have questioned whether the transactions actually prove that MicroStrategy was selling anything. An alternative explanation could be that MicroStrategy is sending BTC to crypto exchanges to stake them and earn interest on them.

Many crypto platforms offer such an option for their customers. With a relatively high APR, it may actually prove lucrative for holders of large crypto holdings.

Other users have speculated that the crypto wallet in question may not be owned by MicroStrategy at all, but by another wealthy individual or company.

It remains to be seen if the rumors are true, but it is still a story worth following.

__

(Featured image by photographersupreme via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Anne Kings is a reporter for the financial sector, often tackling Wall Street and shareholders' interests. She also covers the intersection of media and technology, and delves into interesting topics on entertainment. Sometimes she also writes about the cannabis industry, in particular CBD and hemp. She is currently based in New York.