The fall in the price of bitcoin (BTC) deepened with the collapse of Strategy (MSTR) shares.
In this context, there are those who began to speculate with the possibility that the firm directed by Michael Saylor was forced to sell part of its bitcoin to obtain liquidity.
Before answering the question posed in the title of this article, it is necessary to make some clarifications. The first thing to mention is that these speculations were fueled by the collapse of the net asset value (mNAV), which currently it is 0.932.
mNAV measures whether a company’s total market value is greater or less than the value of its BTC reserves.
When this indicator falls below 1, it means that the market values the company for less than its bitcoins are worth. For some investors, that discount may represent an opportunity; For others, it is a sign of distrust in the company’s ability to sustain your strategy to obtain capital in adverse conditions.
The great risk, as CriptoNoticias has explained, is that this financial phenomenon threatens to create a crisis of confidence in BTC and in its narrative as a reserve asset in corporate treasuries.
With this question clarified, it is time to analyze what the on-chain data says about Strategy’s movements.
Did Strategy sell bitcoin?
According to Arkham Intelligence, an on-chain data analysis firm, Strategy moved 43,415 BTC worth $4.26 billion to over 100 different addresses.
These operations were carried out through Coinbase Custody, the institutional custody service of Coinbase, the American exchange.
For Arkham researchers, these movements correspond to operations linked to Coinbase: transfers from the exchange’s custody to a new custodian, internal movements within that new custodian, and internal updates to Coinbase’s own wallet.
“This does not mean that Strategy has sold its BTC, nor do transfers from Arkham’s Strategy entity automatically imply the sale of those assets,” they clarified.
In turn, they indicated that “anyone who has monitored Arkham’s Strategy entity over the last two weeks will have seen similar transfers, followed by a name change of the custodian addresses.”
Despite the poor performance on the stock market, Strategy continues buying BTC. His most recent acquisition was about 487 BTC (close to 50 million dollars), although the pace of purchases is much more moderate than in other stages.