Strategy (MSTR) Abruptly Moves $5,100,000,000 In Bitcoin (BTC) Away From Coinbase, According to Arkham – Here’s Why

Michael Saylor’s Strategy (MSTR) is suddenly moving billions of dollars worth of Bitcoin (BTC) off of the Coinbase exchange, on-chain data shows.

The blockchain analytics platform Arkham Intelligence says the Bitcoin treasury company has moved $5.1 billion in BTC from Coinbase to another custodian, Fidelity Investments.

“An update on Strategy’s BTC holdings: Strategy has been diversifying custodians away from Coinbase, and has moved 58,390 Bitcoin (currently: $5.1 billion) to Fidelity Custody over the past two months. Fidelity Custody uses an omnibus system, in which their clients’ assets are mixed together.

This includes some of Strategy’s BTC, which is also mixed in with other clients of Fidelity. This means that some more of Strategy’s BTC is now represented under the Fidelity Custody entity on Arkham, rather than the Strategy entity itself.”

According to Arkham, Fidelity is now Strategy’s custodian for 165,709 BTC, worth more than $14 billion, a portion of the firm’s total 649,870 Bitcoin holdings worth more than $57 billion.

Arkham also reports that Japanese treasury firm Metaplanet (MTPLF) is suddenly loading up on more Bitcoin after the top crypto asset’s latest correction.

“Metaplanet is raising another $150 million to buy BTC through convertible stock. Metaplanet currently holds $2.67 billion of Bitcoin, with their last major inflow on 29th September.”

Bitcoin is trading for $87,842 at time of writing, down marginally on the day.