MicroStrategy moves $297M in Bitcoin via internal custody transfers

MicroStrategy recently moved 3,568 BTC, valued at approximately $297 million, which initially sparked speculation regarding potential Bitcoin sales. However, analysis from Arkham indicates the transactions were not sales but rather internal transfers within Fidelity’s custody infrastructure. According to the analysis, Fidelity treats client Bitcoin as fungible within its system, allowing for shifts between internal addresses.

Despite the movement, recent filings show MicroStrategy continues to accumulate the asset. The company disclosed purchasing an additional 1,665 BTC for $142.7 million between September 21 and September 27, at an average price of $85,681.