Strategy (Nasdaq: MSTR) co-founder and executive chairman Michael Saylor has denied rumors that the Bitcoin (BTC) heavyweight has quietly offloaded thousands of coins, even as its shares slide to their weakest level in more than a year.
Related: Michael Saylor finally addresses short-sellers as mNav drops
The speculation kicked off after Walter Bloomberg shared a note on X,
"Arkham data shows Michael Saylor's Strategy (MSTR) reduced its Bitcoin holdings from 484,000 to about 437,000, a drop of roughly 47,000 BTC. It's unclear whether this came from transfers or sales. This is the first reported decrease since July 2023, after months of steady accumulation."
Saylor immediately pushed back in a brief response, writing :
"There is no truth to this rumor."
Arkham flags 47,000 BTC gap, but official dashboard shows 641,692 BTC
Arkham's dashboard suggests Strategy holds 437,431 BTC in its portfolio. A note says the company has sent over 107,319 BTC to Fidelity Custody.
However, Strategy's own public dashboard shows total holdings of 641,692 BTC, just as Saylor posted on Nov. 10.
Reinforcing his denial of any Bitcoin sales, Saylor appeared live on CNBC on Friday morning and said Strategy has in fact accelerated its BTC purchases.
"We are buying - we're buying quite a lot, actually, and we'll report our next buys on Monday morning,"Saylor said.
Pressed on timing, Saylor said the company has bought at all recent price levels, including near $95,000 today, and now holds "nearly 3.1% of the network" at a blended average of $74,000 per BTC.
Strategy's mNAV struggles above 1
Strategy's stock continues to extend its drawdown, with MSTR falling 3.2% to $201.80 on Nov. 14 morning, bringing its three-month loss to 46% and one-year decline to 38%, according to company dashboard data. The slide has pushed shares back to levels last seen 13 months ago.
Despite the correction, the company still trades at a premium multiple-to-net-asset-value (mNAV) - a metric comparing Strategy's enterprise value to the market value of its Bitcoin holdings after accounting for debt and preferred stock.
Strategy holds 641,692 BTC, valued at $61.895 billion based on a Bitcoin price of $96,456.
The firm's enterprise value stands at $73.817 billion, implying an mNAV of 1.18, only slightly lower on the day.
That means MSTR continues to trade above the spot value of its Bitcoin treasury rather than at a discount.
BTC slide, $1.3B in liquidations pressure 'Bitcoin proxy' trade
The controversy is unfolding against a sharp crypto pullback.
Bitcoin is trading near $95,000, down about 7% in 24 hours, even as total crypto market capitalization holds above $3.3 trillion.
Heavy leverage has amplified the move, with more than $1.3 billion in crypto longs liquidated over the past day, according to derivatives dashboards .
As the market's largest corporate BTC holder and a popular "Bitcoin proxy" for equity investors, Strategy remains highly sensitive to these swings.
This story was originally reported by TheStreet on Nov 14, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
