MicroStrategy Moves 43,415 Bitcoin in Custodian Migration, Arkham Clarifies
In a significant development, MicroStrategy, a leading business intelligence firm, has transferred 43,415 Bitcoin worth $4.26 billion across over 100 addresses since 00:00 UTC on November 14. The massive transfers sparked speculation before blockchain analytics firm Arkham stepped in to clarify the movements were part of an ongoing custodian migration.
The transfers were initially met with concern, but Arkham quickly addressed the situation, stating that the transactions were not Bitcoin sales. Instead, MicroStrategy has been transferring assets from Coinbase Custody to a new custodian over the past two weeks, with similar movements occurring throughout the migration process.
Arkham Breaks Down Custodian Migration Details
According to Arkham, the November 14 transfers consisted of three main types of movements. MicroStrategy moved Bitcoin from Coinbase Custody to a new custodian provider, conducted internal transfers within the new custodian’s infrastructure, and performed Coinbase wallet refreshes.
Arkham emphasized that these transfers do not imply the sale of MicroStrategy’s BTC holdings. The firm regularly undergoes wallet and custodian rotations, and anyone monitoring Arkham’s MicroStrategy entity over the past two weeks would have seen similar transfers followed by re-labeling of new custodian addresses.
Michael Saylor Confirms Accelerated Bitcoin Purchases
Michael Saylor, MicroStrategy’s founder and executive chairman, confirmed on CNBC that the company continues to buy Bitcoin. “We are buying. We’re buying quite a lot, actually. And we’ll actually report our next buys on Monday morning,” Saylor said. He also stated that MicroStrategy has been ramping up purchases at current price levels, buying BTC at both recent highs around $106,000 and at current levels near $96,000.
Saylor addressed concerns about MicroStrategy’s leverage and debt structure, maintaining that the company has leverage of less than 1.15 times and has debt extending four and a half years out. He emphasized that MicroStrategy has no trigger points or default scenarios from its digital credit instruments and remains overcollateralized even if Bitcoin were to fall 80%.
Saylor reiterated his long-term bullish outlook, stating that Bitcoin will outperform both gold and the S&P 500. “If you’re a long-term investor, this is the place to be,” he said.
For more information on MicroStrategy’s Bitcoin holdings and the custodian migration, please visit the original source.
