Strategy's Bitcoin Transfer Sparks Sales Speculation
Nearly $300 million worth of Bitcoin moved from wallets linked to Strategy over nine hours on September 29, sparking questions about whether Michael Saylor was selling.
The transaction involved a total of 3,568 Bitcoin (BTC), valued at around $297 million based on the current price of $83,803 per coin. This raised concerns among traders, given that Strategy has already executed four sales this year.
A closer look by Arkham, however, revealed that these transfers were routine shifts within Fidelity's custody system. Fidelity treats all client Bitcoin as interchangeable, allowing it to move coins between addresses as needed.
This reorganization can appear as though funds are leaving Strategy's wallets, even though the company retains ownership. The receiving wallets were tagged by Arkham as belonging to Fidelity, indicating that the coins remained within its custody.