The strategy has moved 43,415 Bitcoins worth $4.26 billion across more than 100 addresses since 00:00 UTC on November 14.
Summary
- The strategy transferred 43,415 BTC during the custodian migration, without selling any holdings.
- Michael Saylor confirms that Strategy continues to buy Bitcoin at current levels.
- The migration of goalkeepers follows ongoing rotations; The strategy remains oversized.
The massive transfers sparked speculation before blockchain analytics firm Arkham clarified that the moves were part of an ongoing custodian migration.
Arkham said the transactions are not sales of Bitcoin (BTC). The company explained that Strategy has been moving assets from Coinbase Custody to a new custodian over the past two weeks, with similar moves occurring throughout the migration process.
Arkham Details Guardian Migration Details
The November 14 transfers primarily involve three types of moves, according to Arkham. The strategy moved Bitcoin from Coinbase Custody to a new custodian provider.
The company also made internal transfers within the new custodian’s infrastructure. The Coinbase wallet updates represented additional movements.
“This does not mean that Strategy sold its BTC, and transfers from Arkham’s Strategy entity do not automatically imply the sale of those assets,” Arkham wrote on X.
The analytics firm noted that Strategy regularly experiences portfolio and custodian turnover. Anyone monitoring the Arkham Strategic Entity over the past two weeks would have seen similar transfers followed by a retagging of the new custodian addresses.
“Most of the movements reported this morning appear to be a continuation of these transfers,” Arkham said.
Saylor confirms acceleration of Bitcoin purchases on CNBC
Michael Saylor, founder and executive chairman of Strategy, confirmed on CNBC that the company continues to purchase BTC. “We’re buying. We’re buying a lot, actually. And we’ll post our next purchases Monday morning,” Saylor said.
When asked if Strategy wasn’t buying, Saylor said: “No, we’re still buying. Bitcoin is still a good investment.”
Saylor explained that Strategy has increased its purchases at current price levels. The company has been buying BTC both at recent highs around $106,000 and current levels near $96,000.
“I think people will be pleasantly surprised” by Monday’s purchase announcement, Saylor said.
Saylor addressed concerns about Strategy’s leverage and debt structure. The company maintains leverage below 1.15 times and has debt spanning four and a half years. “If Bitcoin were to fall 80%, we would still be over-collateralized, and everything was fine,” he said.
The executive emphasized that Strategy has no trigger points or default scenarios for its digital credit instruments.
Saylor maintained his bullish long-term outlook and said BTC would outperform both gold and the S&P 500. “If you are a long-term investor, this is the place to be,” he said.
