Key facts
- Michael Saylor’s Strategy moved 3,568 BTC worth about $297 million.
- The transfers were internal movements within Fidelity Custody.
- Fidelity confirmed the transactions were not a sale.
- Bitcoin was trading above $84,100.
- BTC futures open interest tumbled more than 2% to $52.73 billion in the last 24 hours.
Michael Saylor’s Strategy transferred 3,568 Bitcoin, valued at approximately $297 million, in recent hours, prompting speculation about a potential sale. On-chain analytics platform Lookonchain reported the move, questioning whether the firm was selling or merely shuffling coins. However, Emmet Gallic, an analyst at Arkham Intelligence, confirmed that the transactions were internal movements within Fidelity Custody and not a sale. Fidelity treats all customer Bitcoin deposits as fungible and moves funds as needed, with the address labeled as Fidelity.
The transfers occurred after Michael Saylor’s Strategy had purchased 1,665 BTC, increasing its total holdings to 847,666 BTC. The company also repurchased $152 million of STRC preferred stock, maintaining USD reserves of $6.02 billion. Under its Digital Credit Capital Framework, Strategy plans to sell Bitcoin periodically to fund STRC preferred stock dividends, MSTR stock buybacks, and rebuild cash reserves.
Bitcoin prices saw a nearly 2% jump from a 24-hour low of $82,581, trading above $84,100, with trading volume increasing by 23% in the last 24 hours. Derivatives market data showed mixed sentiment, with total BTC futures open interest declining more than 2% to $52.73 billion over the past 24 hours, and a 14% drop on CME in the last 4 hours, though it climbed on Binance and other platforms in the last hour. Analysts remain bullish on Bitcoin, predicting a potential rise to $89,000 if it reclaims $85,300.