MicroStrategy shifts 411 BTC to Coinbase Prime; Polymarket at 91%

MicroStrategy moved 411.48 BTC, worth about $30.3 million at recent prices, into Coinbase Prime in an on-chain transfer flagged by Lookonchain and Arkham Intelligence. The deposit arrived in two primary transfers of roughly 205.3 BTC and 206.2 BTC, with several smaller linked transactions. It is the company’s largest direct on-chain transfer to an exchange in nearly two years.

Coinbase Prime is the exchange’s institutional custody and trading platform for hedge funds, corporations and large investors. At current prices, the combined transfer equals about $30.3 million.

MicroStrategy’s treasury now stands at roughly 843,738 BTC, a holding reported on its corporate balance sheet at more than $62 billion. The company’s stock, MSTR, has historically tracked bitcoin’s movements, so corporate bitcoin transactions are closely watched by both crypto and equity investors.

After the deposit, trading on Polymarket adjusted rapidly. The prediction market’s probability that MicroStrategy will sell any bitcoin before Dec. 31, 2026 rose to roughly 91%. Michael Saylor previously indicated the company might sell portions of its holdings tactically, including to fund preferred-share dividends or to manage capital structure.

Bitcoin’s spot price remained near $73,000 to $74,000 after the transfer. Transfers from large holders can be used for over-the-counter trades, collateral arrangements, financing operations, tax planning, dividend obligations or routine rebalancing rather than immediate public-market liquidation.

Analyst David Battaglia argued that a sale could confirm balance-sheet value and be used to pay down the company’s $6.5 billion in convertible debt, with bitcoin later repurchased as capital conditions allow.

Market participants said they will monitor further on-chain movements, any visible over-the-counter activity, corporate filings and public comments from MicroStrategy’s management for clarity on the transfer’s purpose.