Michael Saylor’s Strategy Moves $83M in Bitcoin as $9B Paper Losses Raises Pressure

Michael Saylor’s Bitcoin treasury firm Strategy has made its first significant transfer from its BTC holdings after two months. This especially comes as the firm currently faces over $9 billion in unrealized losses as the coin continues its downtrend.

Strategy Transfers $83M Bitcoin Amid BTC Price Downtrend

According to Lookonchain, the wallet of the Michael Saylor firm has been reactivated after its previous inactivity. The wallet moved about $83 million in Bitcoin to other wallets as the firm looks to rebalance its sheet. This comes amid rising unrealized losses.

Experts have speculated this could just be a repositioning transfer and not a sale. However, there are still concerns of a potential sell-off as Strategy’s unrealized losses now sit at $9.1 billion. To add, Michael Saylor has always maintained they would not be selling the token even if it drops as low as $8,000. He recently made a post hinting at more Bitcoin buys.

Earlier this week, the company continued with its weekly purchases of Bitcoin, acquiring 592 BTC. The company’s latest acquisition was the 100th Bitcoin purchase made by the Michael Saylor-led company. The company is currently the largest BTC holding company, far ahead of the second-largest Bitcoin miner, Mara Holdings, which holds 53,250 BTC.

Meanwhile, the losses have had a huge impact on the company’s stock in the stock market. In fact, according to Goldman Sachs’ hedge fund positioning data, Strategy has risen to the top spot among the most shorted large-cap US stocks based on short interest as a percentage of market cap.

Bitcoin ETFs Sell-Off Mount as Market Struggles

In a post, Bloomberg ETF analyst James Seyffart shared how much Bitcoin ETF investors dumped during the last quarter of the previous year. During the last quarter of the previous year, 25,098 BTC worth of shares in publicly traded funds were sold.

In another post, Seyffart shared a graphic from Bloomberg data showing that Brevan Howard recorded the biggest reduction in its holdings of Bitcoin ETFs. The firm sold over 17,000 BTC worth of shares in the BTC-based funds.

While Strategy, the largest Bitcoin treasury firm, has no sell-off stance, BlackRock, the largest asset manager of the largest spot Bitcoin ETFs, has seen consistent outflows. Over the last four days, funds including BlackRock’s IBIT, recorded their fifth consecutive week of net outflows. It seems the selling spree has yet to slow down.

Meanwhile, there was a rebound yesterday as the BTC funds recorded $257 million in inflows, according to SoSoValue data.