The collapse of Strategy (MSTR) stock has deepened the fall in Bitcoin (BTC) prices.
In this regard, a company directed by Michael Saylor, They were forced to sell some of their Bitcoin to obtain liquidity.
Before answering the question posed in the title of this article, a few things need to be explained. The first thing to mention is that these speculations were fueled by the collapse in net asset value (mNAV), which is currently 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 company’s market value is lower than the value of Bitcoin. For some investors, that discount may represent an opportunity. For others, it is a sign of distrust in the company’s ability to sustain Strategies for acquiring capital under adverse conditions.
As CriptoNoticias explains, the big risk is that this financial phenomenon could trigger a crisis of confidence in BTC and BTC as a reserve asset in corporate finances.
Now that this question is clear, it’s time to analyze what on-chain data is telling us about Strategy’s movements.
¿ Bitcoin sales strategy?
According to on-chain data analysis firm Arcam Intelligence, Strategy moved 43,415 BTC worth $4.26 billion to more than 100 different addresses.
These operations were carried out through Coinbase Custody, the institutional custodian service of the US exchange Coinbase.
For Arkham researchers, these movements correspond to operations related to Coinbase, such as transfers from an exchange’s vault to a new vault, internal moves within that new vault, and internal updates to Coinbase’s own wallets.
“This does not mean that Strategy has sold BTC, nor does a transfer from an Arcam Strategy entity automatically mean a sale of those assets,” they clarified.
They further noted that “anyone who has been monitoring Arkham’s Strategy entities over the past two weeks will have seen similar transfers and subsequent name changes to the administrator’s address.”
Despite poor stock market performance, Strategy continues to buy BTC. The most recent acquisition amounted to around 487 BTC (nearly $50 million), but the pace of purchases was much slower than in other stages.
