Today, Virginia-based business intelligence company MicroStrategy announced that its addresses related to Coinbase Prime Custody have transferred $793 million worth of Bitcoin to new wallets. This information is based on data provided by cryptocurrency analysis platform Arkham Intelligence.
Key Points
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MicroStrategy currently holds nearly 450,000 Bitcoins, valued at approximately $41.8 billion.
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The recent transfer is likely an internal arrangement.
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MicroStrategy has been purchasing Bitcoin for the eighth consecutive week.
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The company's stock price rose by more than 350% in 2024.
Since December 2020, MicroStrategy has chosen Coinbase as its primary execution partner. Arkham Intelligence first identified MicroStrategy's on-chain holdings in February, finding that most of its holdings were pooled with other Fidelity clients' assets, with some assets in segregated custody, including Coinbase Prime.
After Bitcoin's price surpassed $100,000 last month, MicroStrategy co-founder Michael Saylor reiterated his stance on not selling Bitcoin. He stated that if MicroStrategy starts selling Bitcoin, the community will forever lose trust in him.
MicroStrategy became one of the biggest winners in 2024, with its stock soaring 350% within a year and briefly entering the top 100 companies by the end of the year. However, it is noteworthy that MSTR stock fell 47% from its all-time high of $543, which is seen as a concerning signal. Nevertheless, Saylor is known for his remarkable resilience, so many MSTR supporters remain unfazed by this dramatic correction.
In the cryptocurrency market, MicroStrategy's continued investment and strategic transfers have drawn widespread attention, with many investors and analysts closely watching its future moves.