Michael Saylor’s company, Strategy, has quietly shifted a massive $5.1 billion worth of Bitcoin from Coinbase to Fidelity Investments over the last two months, according to blockchain analytics firm Arkham Intelligence.
With this move, more than 165,709 BTC—valued at over $14 billion—is now held under Fidelity’s custody. Strategy’s total Bitcoin stash sits at an enormous 649,870 BTC, worth more than $57 billion, making it one of the largest corporate holders of Bitcoin on the planet.
Diversifying Where the Bitcoin Lives
Between late September and late November, Strategy moved 58,390 BTC out of Coinbase. Arkham Intelligence says this wasn’t random—it’s part of a custody diversification plan, a way for the company to avoid relying too heavily on a single provider.
Fidelity’s custody system works a bit differently than Coinbase’s. It uses an omnibus structure, grouping client assets together rather than labeling each one individually on the blockchain. As a result, Strategy’s coins now show up under Fidelity’s broader custody umbrella.
This leaves Strategy with multiple custodians holding different parts of its treasury—a classic “don’t put all your eggs in one basket” approach.
Managing Risk the Old-School Way
This shift highlights a growing trend: major Bitcoin players are starting to follow traditional financial risk management practices. Moving billions in Bitcoin around isn’t just about convenience—it’s about protection.
Relying on one custodian exposes companies to:
- •technical outages
- •security vulnerabilities
- •regulatory complications
- •operational failures