More than $83 million worth of Bitcoin has moved on-chain from wallets linked to Strategy, the corporate Bitcoin treasury firm formerly known as MicroStrategy. The transfers, as revealed by Arkham Intelligence data, mark the first notable activity from these specific wallets in roughly two months.
The movement immediately drew attention, given Strategy’s position as the largest corporate holder of Bitcoin. With more than 717,000 BTC under management, even relatively small shifts from its wallet clusters can spark speculation about potential sales, custody changes, or strategic repositioning.
Strategy Reactivates Dormant Wallets
According to on-chain data, the activity involved two transactions totaling 1,300 Bitcoin, sent from addresses that had remained relatively inactive for nearly two months. The combined value of the moved funds totals approximately $83 million at its current market price of $65,700. The reactivated wallets belong to one of Strategy’s storage addresses, Fidelity Custody Deposit, as identified by Arkham Intelligence.
Importantly, the Bitcoin was not sent to major exchange deposit addresses, suggesting it was not an attempt to sell. Instead, the funds were routed to unknown wallets, probably associated with Strategy’s broader custody structure.
Because of the scale of its holdings, Strategy typically stores Bitcoin across multiple addresses and custody layers. As such, movement between these layers does not necessarily imply directional intent.
Corporations holding digital assets frequently rotate funds between cold storage and operational wallets for accounting and reporting, or simply to position for an imminent development. Given Michael Saylor and Strategy’s rock-solid conviction in Bitcoin, market participants speculate that the reallocation signals a positioning to acquire more Bitcoin.
Strategy’s Bitcoin Position in Context
Strategy has steadily built its Bitcoin position since 2020, using a combination of equity issuances and convertible debt offerings to finance acquisitions. The firm’s most recent public filings show it now holds 717,722 BTC, acquired at an average cost significantly above current spot prices. Thus, Strategy is nursing deep unrealized losses of about $8 billion.
The latest wallet activation arrives during this period of heightened market volatility. Bitcoin recently dipped below key support levels before recovering to the mid-$60,000 range, where it is currently trading at $66,800. While this bearish environment deepened Strategy’s paper losses, it also presents a unique opportunity.
CEO Michael Saylor has reiterated several times that price pullbacks represent buying opportunities rather than exit points. In fact, Strategy has added to its Bitcoin position this week despite the market downturn. Continuing to accumulate Bitcoin at this time means buying the asset below Strategy’s average purchase price and could help lower that average, thereby lightening its unrealized losses. Thus, the latest transfers could simply be a redistribution in anticipation of new BTC buys.
However, without exchange inflows or confirmed attribution of the unknown recipient addresses, all of these remain pure speculation. Market participants will likely monitor these and Strategy’s newly reactivated wallets for follow-up transactions. If funds remain within Strategy-linked addresses, the event may prove to be routine custody management. If significant exchange deposits follow, sentiment could shift quickly.
Temitope Olajide
The CoinRemark Team
