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Earlier today, Coinbase Prime Custody addresses linked to MicroStrategy transferred $793 million worth of Bitcoin to new wallets, according to data provided by cryptocurrency analytics platform Arkham Intelligence.
Arkham originally identified MicroStrategy’s on-chain holdings back in February. The firm found out that most of its holdings were pooled with other Fidelity clients. A portion of its holdings was also in segregated custody, which includes Coinbase Prime.
Coinbase announced that it was selected as MicroStrategy’s primary execution partner back in December 2020.
The latest transfers are highly likely to be internal arrangements.
As reported by U.Today, MicroStrategy recently announced its eighth weekly purchase in a row.
Its Bitcoin coffees have now grown to nearly 450,000 coins. The total value of its holdings currently stands at $41.8 billion, according to data provided by BiTBO.
MicroStrategy co-founder Michael Saylor has repeatedly rejected the idea of taking profits.
After the price of the leading cryptocurrency surpassed $100,000 last month, Saylor said that the community would permanently lose trust in him if MicroStrategy were to start selling Bitcoin.
MicroStrategy turned out to be one of the biggest winners of 2024, with its stock surging by more than 350%. It ended 2024 as the 139th largest company after briefly entering the top 100. It managed to jump 530 companies in just a year.
However, it is also worth noting that MSTR shares are down 47% from their record high of $543, which can be seen as a worrying sign. The “infinite money” glitch appears to be glitching. However, Saylor is known for having stunning comebacks, which is why many MSTR bulls remain unfazed by the brutal correction.
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