- The wallets linked to Strategy transferred 3,568 BTC, which is approximately $297 million in value. It was thought that there might be another sale of Bitcoin.
- According to Arkham, the movements were regular Fidelity Custody operations. It had no information suggesting that Strategy had sold Bitcoin.
Bitcoin wallets tied to Strategy have been involved in transferring out 3,568 BTC, which is equal to roughly $297 million. The Lookonchain blockchain tracking tool picked up 12 transfers within nine hours. Single transfers ranged from 138 BTC to 452 BTC in value. The transfers attracted attention because Strategy is one of the biggest corporates holding Bitcoin. But Emmett Gallic, an Arkham Intelligence analyst, argued that the transfers were not indicative of any Bitcoin sell-off. Gallic noted that the transfers were regular activity within Fidelity Custody. Arkham had previously flagged those addresses as Fidelity wallets.
These are neither selling or moving.
These are normal movements within Fidelity Custody.
Fidelity treats all customer BTC deposits as fungible and will move the funds as needed.
Addresses are already reflected as Fidelity on Arkham
Previous Bitcoin Sales Have Contributed to the Confusion
The market reaction was also caused by the recent activities of Strategy in terms of monetizing Bitcoin. The Bitcoin Monetization Program of Strategy was launched on June 29. It is aimed at selling Bitcoin in cycles for USD reserves. With the help of the program, the company can get up to $1.25 billion.
In addition, Strategy had already revealed such actions. Strategy sold 1,363 BTC from June 29 to June 30. Such sales were made at the price of $59,256 per Bitcoin. Next, 2,225 BTC were sold from July 1 to July 5. In this case, the average price was $60,773 per Bitcoin. Therefore, the new wallet transactions were especially interesting for traders. However, Arkham did not reveal any sales in the recent transactions.
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Bitcoin Buy Continues for Strategy
Unlike the previous filing, Strategy filed a new Bitcoin purchase report. In the period from September 21 to September 27, Strategy purchased 1,665 Bitcoins. The total expenditure to buy those Bitcoins amounted to approximately $142.7 million. Thus, the average price of acquiring each coin is approximately $85,681.
After buying 1,665 Bitcoins, the total number of Strategys Bitcoin holdings reached 847,666 BTC. Strategy purchased those Bitcoins with approximately $63.95 billion, which means that its average purchase price of Bitcoin amounts to $75,437.
Considering that Bitcoin is valued around $83,800, the approximate market value of the holdings is nearly $71 billion. In other words, the Bitcoin price is currently more than 10% above the average acquisition price of Strategy. The recent purchase was financed not only by MSTR sales but also by allocating $103.5 million for the purchase of STRC preferred shares. Strategy still holds $6.02 billion in its U.S. dollar reserves.