Rumors of Strategy Bitcoin Sale Surface
A significant rumor circulated within the Bitcoin (BTC) market, claiming that Strategy (formerly MicroStrategy), under the leadership of Michael Saylor, had sold $4 billion worth of Bitcoin. This assertion rapidly gained traction on social media platforms, intensifying panic as the BTC price dipped below $95,000.
However, both on-chain data and a direct statement from Michael Saylor have since confirmed that these sales claims are unfounded.
Investigation into the Transaction Activity
The initial panic was triggered by data from Arkham Intelligence, which indicated that Strategy transferred 43,415 BTC, valued at $4.26 billion, to over 100 new addresses. As these allegations escalated, Michael Saylor promptly issued a concise statement:
“There is no truth to these rumors.”
Further analysis by Arkham's research team has revealed that these movements were not indicative of a sale. Instead, they are part of a custodian change and wallet rotation process that Strategy has been actively undertaking over the past two weeks.
During this two-week period, the platform has observed consistent transfers, signaling the company's ongoing transition of BTC holdings from Coinbase Custody to a new custodian. Today's substantial activity represents a continuation of this established process.
Understanding the Transfer Rationale
According to the detailed analysis, there are three primary reasons behind these transfers:
- •Direct transfers from Coinbase Custody to the designated new custodian.
- •Internal transfers executed by the new custodian within its own security infrastructure.
- •Wallet refresh operations conducted on the Coinbase side when a particular wallet becomes depleted.
It is crucial to note that none of these identified movements signify any BTC sale activity.
Institutional Practices and Security
Industry experts highlight that large institutional holders of Bitcoin frequently conduct wallet refreshes and custodian changes. These actions are typically driven by evolving security protocols and operational necessities. Strategy is recognized as one of the companies that routinely engages in such transactions to maintain its security and operational efficiency.