Is Saylor’s Strategy Dumping Bitcoin? 3,568 BTC Leaves Linked Wallets

What Does the Data Actually Show?

The alert came from prominent blockchain sleuth Lookonchain, listing 12 outbound transfers over nine hours, ranging from 137.643 BTC to 452.122 BTC. Added together, they come to about 3,567.5 BTC. As expected, the development made the airwaves and several trackers (such as Whale Insider) reposted the $297 million number subsequently.

Arkham analyst Emmett Gallic took to X and clarified:

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.

He also pointed out that the receiving addresses had already been labeled as Fidelity on Arkham. In plainer terms, Fidelity pools client bitcoin instead of keeping each customer’s coins in a dedicated wallet. When the custodian reshuffles its own addresses, the move shows up onchain as coins leaving “Strategy” wallets, even though the owner never changes.

Why Traders Flinched Anyway

The nervous reaction has a history because on June 29, Strategy announced a BTC Monetization Program that lets it sell bitcoin “from time to time” to raise up to $1.25 billion for its USD Reserve. Moreover, the company’s July 8-K filing showed it sold 1,363 BTC on June 29-30 at an average $59,256, and another 2,225 BTC between July 1 and July 5 at $60,773.

Those sales came from a company whose chairman built his brand on never selling (or even entertaining such a thought). So when thousands of coins left tagged wallets overnight, some traders connected the dots before checking where the coins went.

The timing did not help either, given the transfers surfaced just as the bitcoin price slid under $83,000 (before recovering) and about $500 million in positions were liquidated across the crypto market.

Strategy Is Still Buying, Not Selling

The firm’s latest filing showed 1,665 BTC acquired between Sept. 21 and Sept. 27 for $142.7 million, an average of $85,681 per coin. As Bitcoin.com News reported, that lifted its BTC treasury to 847,666 coins, acquired for about $63.95 billion, or $75,437 per bitcoin.

With bitcoin’s price currently hovering near $83,800, that stash is worth roughly $71 billion. That works out to a paper gain of about $6.5 billion, with the price sitting roughly 10% above Strategy’s average cost.

That cushion is thinner than it looks because last week’s buy at $85,681 is already underwater. Strategy paid for it by selling 1,469,165 shares of MSTR stock, and it put another $103.5 million from the same raise toward buying back its STRC preferred shares. It still holds $6.02 billion in U.S. dollar reserves, which gives it room to pay dividends without touching its bitcoin.

Saylor, meanwhile, has kept talking up bitcoin and in recent days has proposed rules for letting banks lend against bitcoin. Not only that, he has teased his most recent buys with his Sunday orange charts.