Saylor's BTC Transfer to Coinbase Signals Cash Pressure at…

Strategy moved more than 411 Bitcoin to Coinbase Prime on May 29, with on-chain data from Arkham Intelligence showing two transfers of roughly 205.3 BTC and 206.2 BTC from Strategy-associated wallets. The movement has not been confirmed as a sale, but on-chain analyst ForeDex Proof flagged unusual routing — coins passed through intermediate addresses before reaching Coinbase Prime, and the destination used a P2SH "3" address format rather than the Native SegWit "bc1q" format Strategy has historically used for custody. That address type is commonly associated with Coinbase Prime OTC activity.

The transfer landed during a week when Strategy paused fresh Bitcoin purchases, repurchased nearly $1.5 billion in face value of its 0% convertible notes due 2029 for approximately $1.38 billion in cash, and disclosed that Bitcoin sales could become part of its financing toolkit.