Michael Saylor Denies Rumor of 47,000 BTC Sale, Hints at “Pleasantly Surprising” New Acquisitions

Michael Saylor acted swiftly on Friday to dispel new rumors suggesting that his Bitcoin acquisition entity, Strategy, had discreetly sold tens of thousands of coins during the recent market decline.

The executive chair labeled the allegations as “false” and affirmed that the company continues to accumulate Bitcoin despite a turbulent period that saw BTC dip below $95,000 for the first time in six months.

DID SAYLOR SELL $4 BILLION TODAY?
No. Strategy has been transferring billions of dollars in BTC over the past two weeks as part of what seems to be a change in custodians for some of their Bitcoin.
Our research team conducted an in-depth analysis of Strategy’s recent transactions and activities, to assist… https://t.co/1pvycnF3ZX

— Arkham (@arkham) November 14, 2025

The speculation surged after the crypto analytics platform Arkham highlighted what it characterized as a decrease in Strategy’s Bitcoin holdings from 484,000 BTC to 437,000 BTC, a difference of approximately 47,000 BTC valued at around $4.6 billion at that time.

The report emerged just as Bitcoin experienced a drop of over 4% in less than 24 hours, falling from above $100,000 to below $95,000. Saylor refuted the rumors in a post on X, stating that there was “no truth” to the claims that the firm had diminished its holdings.

We are ₿uying.pic.twitter.com/6g11E9G6pO

— Michael Saylor (@saylor) November 14, 2025

Saylor Dismisses Sell-Off Speculation, Confirms Strategy Acquired 487 BTC This Week

He remarked that the current market fluctuations had not altered the firm’s strategy. “If you’re going to be a Bitcoin investor, you need a four-year time horizon, and you must be ready to manage volatility.”

Source: Bitcoin Treasury

Internal data from Strategy seemed to corroborate his statements. The company’s dashboard indicated total Bitcoin holdings of 641,692 BTC as of Monday, consistent with its prior disclosure, and its SEC filings confirmed ongoing accumulation throughout early November.

The sudden transfer of coins earlier in the day introduced additional uncertainty to already fragile crypto markets.

Strategy(@Strategy) moved 58,915 $BTC($5.77B) to new wallets today, likely for custody purposes.https://t.co/FgZG2ZWlVi pic.twitter.com/fimqXsgLH0

— Lookonchain (@lookonchain) November 14, 2025

On-chain analysts noted that Strategy shifted over 58,000 BTC to new wallets, a move that triggered algorithmic trading activity and intensified the sell-off.

Although analysts later attributed the transfers to custody restructuring rather than liquidation, the clarification did little to alleviate broader concerns.

MSTR Falls to One-Year Low as Investors Reevaluate Bitcoin Proxy Premium

The company’s Net Asset Value multiple briefly fell below 1 for the first time, indicating that investors were valuing the firm at less than the value of its Bitcoin holdings.

Source: X

The multiple has since rebounded to 1.09, but this shift signifies a departure from years in which Strategy consistently traded at a premium.

This reversal reflects diminished investor expectations. According to K33 Research, Strategy’s equity premium has decreased by $79.2 billion since November 2024.

$79.2bn reduction in MSTR’s equity premiums relative to its BTC holdings since November 20, 2024.
With $31.1bn raised through dilution over this period, roughly $48.1bn of the implied demand for BTC via MSTR never translated into spot purchases. pic.twitter.com/14sf9dL4tl

— Vetle Lunde (@VetleLunde) November 14, 2025

While the company raised over $31 billion through share issuance during that time, analysts estimate that nearly $48 billion of implied Bitcoin demand did not convert into actual BTC purchases.

Some market observers suggest that investors are no longer utilizing MSTR as a straightforward proxy for Bitcoin exposure.

Others dismissed liquidation concerns. Analyst Willy Woo indicated that Strategy is unlikely to face pressure to sell before 2027 as long as MSTR trades above $183.19, a threshold associated with the company’s debt structure. He noted that only a weak Bitcoin cycle in 2028 could necessitate partial sales.

MSTR liquidation in the next bear market? I doubt it,
Here’s their debt, the date the debt is due and the price MSTR stock needs to exceed to prevent partial liquidation of their BTC treasury to pay the debt. Equivalent BTC price assumes mNAV 1.0 pic.twitter.com/AzVgecI7i2

— Willy Woo (@woonomic) November 4, 2025

The contention arises amid broader turbulence across digital assets and U.S. markets. Bitcoin briefly surged above $106,000 after lawmakers concluded a record 43-day government shutdown, but the rally diminished as expectations for a December Federal Reserve rate cut waned.

Despite the volatility, Strategy remains the largest corporate holder of Bitcoin; however, its market share has decreased from 75% to 60% as more companies add BTC to their treasuries.

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