MicroStrategy, the largest corporate Bitcoin (BTC) holder, withdrew 411.5 BTC from Coinbase Prime hours after depositing it. The reversal cooled fears that Michael Saylor’s firm was preparing its first BTC sale in years.
Meanwhile, Tom Lee’s BitMine Immersion Technologies bought 25,000 Ethereum (ETH) for $50.6 million on the same day. The purchase extended one of the largest corporate ETH accumulation programs in markets.
MicroStrategy Reverses Brief Coinbase Prime Deposit
On-chain trackers flagged the initial deposit as MicroStrategy’s first direct exchange move in nearly two years.
The transfer was split into two batches near 205 BTC each, with smaller wallet transactions also active.
Saylor signaled this week that Strategy could sell some BTC before year-end, citing dividend and capital needs. The remark had shifted prediction-market pricing even before the Coinbase Prime move.
The deposit pushed Polymarket odds on Strategy selling any Bitcoin in 2026 above 90%. Those odds eased after the withdrawal but stayed elevated.
“Did Michael Saylor’s Strategy cancel its BTC sale? Strategy withdrew 411.5 BTC ($30.2M) back from Coinbase Prime 5 hours ago,” Lookonchain posed.
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BTC trades near $73,532, with the broader Bitcoin treasury stocks split showing limited contagion.
Strategy still holds 843,738 BTC, valued above $62 billion. The firm has bought no Bitcoin since May 18. That pause is the longest in its weekly accumulation as corporate Bitcoin treasury demand softens.
BitMine Doubles Down on Ethereum Amid Price Weakness
BitMine bought the dip below $2,100, lifting its aggressive ETH accumulation to roughly 5.39 million ETH. That sum represents about 4.47% of supply, near Tom Lee’s 5% target for the year.
“Tom Lee’s Bitmine bought another 25,000 ETH ($50.56M) 6 hours ago,” Lookonchain noted.
The firm stakes more than 4.7 million ETH through its Made in America Validator network. The position generates an annualized yield of about $276 million. Ether trades near $2,011 after a 10% monthly decline.
Lee frames the weakness as a buying window, pointing to tokenization growth and AI demand for compute.
Backers including ARK Invest and Founders Fund maintain exposure. BMNR trades below net asset value despite unrealized BitMine ETH losses.
However, even as Tom Lee’s Bitmine buys the Ethereum dip, old wallets are dumping, with one selling $112 million worth of ETH in the last week.
“Ethereum OG is dumping ETH! Over the past week, an Ethereum OG sold 55,000 ETH ($112.25M) and 9,442 wstETH ($24M) at an average price of $2,041 per ETH,” the on-chain analytics account highlighted.
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