Strategy Moves $297 Million in Bitcoin; Analysts Point to Fidelity Custody Transfer

Strategy moved 3,568 Bitcoin, worth about $297 million at the time, between wallets on Tuesday, prompting questions about whether the company was selling part of its holdings. On-chain analysts said the movement appeared to be an internal transfer within Fidelity’s custody system. Strategy has not publicly confirmed the purpose of the transactions.

Blockchain tracker Lookonchain flagged the transfers from addresses associated with Strategy. Arkham Intelligence analyst Emmett Gallic subsequently identified the receiving addresses as Fidelity custody wallets and said the activity did not indicate a sale. A transfer between wallets can change where Bitcoin is held without changing the owner’s position

The movement came a day after Strategy reported buying 1,665 Bitcoin for $142.7 million during the week ended Sept. 27. The purchase brought its disclosed holdings to 847,666 Bitcoin, acquired for a total of $63.95 billion, according to a Securities and Exchange Commission filing. That filing predates Tuesday’s wallet activity and does not account for it.

For investors, the distinction is whether the coins changed hands or merely changed custody addresses. The available on-chain analysis points to a custody transfer, while Strategy’s next holdings disclosure would provide a company-reported update on its Bitcoin position.