Michael Saylor's Strategy moved 3,568 BTC worth about $297 million out of its wallets over nine hours, briefly stirring fears of a sell-off. Arkham analyst Emmett Gallic said the coins never left Fidelity's custody — the transfers were routine reshuffling, not a sale.
Michael Saylor's Strategy moved 3,568 BTC worth about $297 million over nine hours, and the size of the transfer immediately raised the question of whether the largest corporate Bitcoin holder was selling again. Lookonchain reported the move in an X post on September 29, asking whether Strategy was dumping coins or simply shifting them between wallets.
Arkham says it's Fidelity, not a sale
Arkham Intelligence analyst Emmett Gallic pushed back on the sale theory. According to Arkham Intelligence: "These are neither selling or moving. These are normal movements within Fidelity Custody." He added that Fidelity treats all customer BTC deposits as fungible and moves them as needed, and Arkham had already labeled the receiving addresses as Fidelity.
Traders were wary anyway given Strategy's history of selling bitcoin under its BTC Monetization Program earlier this year. This time, though, the coins stayed inside the same custody arrangement rather than moving to an exchange.
Strategy is still buying
The transfers followed a fresh purchase, not a sale. Strategy bought 1,665 BTC, lifting its total holdings to 847,666 BTC. The company also repurchased $152 million of STRC preferred stock under its Digital Credit Capital Framework, which allows it to sell bitcoin from time to time to fund STRC dividends, MSTR buybacks, and rebuild cash reserves.
Its U.S. dollar reserves stood at $6.02 billion.
Bitcoin holds above $84,000
Bitcoin jumped almost 2% from its 24-hour low of $82,581, trading above $84,100. Its 24-hour trading volume rose 23% after Trump rejected Iran's proposal.
Analysts remain bullish, arguing that a reclaim above $85,300 opens the door to $89,000. For now, Strategy's wallets are lighter, but its balance sheet isn't.
Sources: CoinGape, Bitcoin.com News
Trading involves risk.
Risk Disclaimer
