Arkham recently revealed that Michael Saylor’s Strategy has been steadily moving a large portion of its holdings away from Coinbase.
In the latest update, Arkham confirmed that Strategy has transferred 58,390 BTC, worth about $5.1 billion, over the past two months from Coinbase to Fidelity, as it increased its use of Fidelity Custody.
Strategy Has Moved $5B+ from Coinbase
According to the analytics platform, Fidelity runs an omnibus system that pools client assets, meaning some of Strategy’s Bitcoin now appears under Fidelity’s label on Arkham instead of Strategy’s own.
Arkham noted that, even with these movements, it still tracks about 92% of Strategy’s entire Bitcoin portfolio. At the moment, Strategy holds 641,692 BTC, valued at roughly $56.14 billion, and it has already moved 165,709 BTC, or about $14.50 billion, into Fidelity Custody.
This new update builds on Arkham’s earlier disclosure from Nov. 14, when the platform reported that Strategy had already moved a large amount of Bitcoin that day. Arkham said Strategy transferred 43,415 BTC, worth $4.26 billion, across more than 100 addresses.
ON TODAY’S STRATEGY BITCOIN MOVEMENTS
Since 00:00 UTC today, Strategy moved 43,415 BTC worth $4.26B to over 100 different addresses.
Over the past two weeks, Strategy has been making transfers from Coinbase Custody (their existing custodian) to a new custodian. We believe… pic.twitter.com/RY9mcT8MDv
— Arkham (@arkham) November 14, 2025
The research platform confirmed that Strategy had spent the previous two weeks shifting assets from Coinbase Custody, its former custodian, to a new one. Arkham said the activity on Nov. 14 likely included direct transfers from Coinbase to the new custodian, internal movements within the new custodian’s system, and wallet updates inside Coinbase.
Concerns of Bitcoin Sales
However, Arkham clarified at the time that these transfers did not represent sales. The firm also emphasized that movement from Strategy’s Arkham-labeled wallets never automatically signals that the company sold any Bitcoin.
According to the platform, Strategy often rotates its wallets and custodians, and anyone watching closely during those two weeks would have seen similar activity followed by updated custodian labels.
Despite these explanations, the transfers raised concerns about potential sell-offs, especially because Bitcoin has faced heavy downward pressure. During the latest update, Bitcoin traded at $87,202, more than 20% lower for the month.
As a result, Strategy’s unrealized profit has shrunk sharply to 16.9%, or about $8.15 billion, far below the 68.6%, or $32.47 billion, it recorded in early October when Bitcoin traded above $124,000. The timing of these large internal transfers during a steep price drop fueled speculation that Strategy had started selling.
For instance, after the Nov. 14 movements, reporter Walter Bloomberg suggested that the movements could reflect sales, although he admitted the situation remained unclear. Michael Saylor later addressed the rumor directly and said the company had not sold any Bitcoin.
There is no truth to this rumor.
— Michael Saylor (@saylor) November 14, 2025
What’s Really Going On
In a detailed explanation, Arkham said each transfer likely reflected one of three actions: a direct move from Coinbase to the new custodian, an internal transfer within the new custodian’s system, or a routine wallet refresh by Coinbase. Arkham repeated that on-chain movement does not indicate a sale.
Rather than selling, Strategy has been adding to its holdings during the downturn. Since October, the company has bought 9,839 BTC across six purchases, lifting its total to 649,870 BTC at the time of the update.
Amid the price decline, Strategy also addressed its leverage position and reassured investors that the company still maintains strong coverage against its convertible debt.
Strategy explained that if Bitcoin falls back to its $74,000 average purchase price, the firm would still hold 5.9x more assets than the value of its convertible debt, a metric it calls its Bitcoin rating. Strategy added that even in a deeper pullback to $25,000, the coverage would remain at 2.0x, which remains a comfortable level for its balance sheet.
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