Michael Saylor’s Strategy Transfers Out $297 Million in Bitcoin, Here’s Why

Michael Saylor’s Strategy moved 3,568 BTC worth about $297 million over the last few hours. The massive size raised questions about whether the largest corporate Bitcoin treasury is dumping BTC again or just shuffling coins between wallets.

Michael Saylor’s Strategy Moves Sparks Jitters

In an X post on September 29, on-chain analytics platform Lookonchain reported that Michael Saylor’s Strategy transferred 3,568 BTC over a nine-hour window. The Bitcoin were valued at almost $297 million at the time.

Lookonchain asked whether the firm was selling again or simply moving funds to new wallets. This sparked concerns and speculation in the broader crypto markets over a potential sale similar to a few months ago.

The transfers followed after Michael Saylor’s Strategy purchased 1,665 BTC, boosting its total Bitcoin holdings to 847,666 BTC. The company also repurchased $152 million of STRC preferred stock, with USD reserves standing at $6.02 billion.

Under its Digital Credit Capital Framework, Strategy plans to sell Bitcoin from time to time to fund STRC preferred stock dividends, MSTR stock buybacks, and rebuild cash reserves.

However, Arkham Intelligence analyst Emmet Gallic confirmed the latest on-chain transactions were “neither selling or moving.” He said these are normal movements within Fidelity Custody, which treats all customer BTC deposits as fungible and will move the funds as needed. Additionally, Arkham has labeled the address as Fidelity.