Strategy's $297M Bitcoin Transfer Not a Sale, Analysts Say
Nearly $300 million worth of Bitcoin moved out of Strategy's wallets across 12 transactions over nine hours, sparking questions about whether Michael Saylor was selling Bitcoin again.
This is not the first time Strategy has sold Bitcoin; it has already executed four sales this year. However, in this case, Arkham Traced the 3,568 Bitcoin to Fidelity's own custody wallets.
Fidelity manages Bitcoin holdings for Strategy and treats all client Bitcoin as interchangeable, allowing them to move coins between addresses as needed.
This reorganization appears as though funds are leaving Strategy's wallets, but the company retains ownership. The coins remained with Fidelity and never reached an exchange's deposit address, the typical first step before a sale.