MicroStrategy's 3,568 BTC Transfer Not a Sale, Analysts Confirm
MicroStrategy's Bitcoin holdings have been in the spotlight again after wallets tied to the company transferred out 3,568 BTC, worth approximately $297 million. This sudden movement caught attention as it is one of the biggest corporate holders of Bitcoin.
The blockchain tracking tool Lookonchain picked up 12 transfers within nine hours, ranging from 138 BTC to 452 BTC in value. Emmett Gallic, an analyst at Arkham Intelligence, clarified that these transactions were routine intra-custody movements and not a sale.
Gallic noted that Fidelity Custody treats all customer Bitcoin deposits as fungible and will move the funds as needed, which is reflected in their normal operations. The company's recent Bitcoin Monetization Program has led to previous sales of 3,588 BTC, but this latest activity was not a sell-off.
In fact, MicroStrategy purchased an additional 1,665 Bitcoins between September 21 and 27, bringing its total holdings to 847,666 BTC. The company's average purchase price per Bitcoin is approximately $75,437, with a market value of nearly $71 billion at the current price of around $83,800 per BTC.