Michael Saylor's Strategy has transferred $5.1 billion in Bitcoin from Coinbase to Fidelity Investments over the past two months, according to blockchain analytics firm Arkham Intelligence. The Bitcoin treasury company now holds 165,709 BTC with Fidelity as custodian, representing more than $14 billion of its total 649,870 Bitcoin holdings valued at over $57 billion.
What Happened: Custody Diversification
Strategy moved 58,390 Bitcoin away from Coinbase between late September and late November, blockchain data reveals. Arkham Intelligence reported the shift represents a deliberate custody diversification strategy by the publicly traded Bitcoin holding company. Fidelity Custody operates an omnibus system that pools client assets together, meaning Strategy's Bitcoin now appears under the Fidelity Custody entity rather than as separately identifiable holdings on the blockchain.
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The transfer leaves Strategy with multiple custodians managing different portions of its Bitcoin treasury. The company's total holdings exceed 649,000 BTC, making it one of the largest corporate Bitcoin holders globally.
Why It Matters: Risk Management
The custody shift signals institutional Bitcoin holders are adopting traditional financial risk management practices by distributing assets across multiple custodians. Concentrating billions in digital assets with a single custodian creates vulnerability to platform-specific risks, from technical failures to regulatory actions.
Arkham Intelligence also noted that Japanese treasury firm Metaplanet is raising $150 million through convertible stock to purchase additional Bitcoin following recent price corrections. The company currently holds $2.67 billion in Bitcoin, with its most recent major acquisition occurring on Sept. 29.