Strategy moved 43,415 Bitcoin worth $4.26 billion across more than 100 addresses since 00:00 UTC on November 14.
- Strategy transferred 43,415 BTC in custodian migration, not selling any holdings.
- Michael Saylor confirms Strategy continues buying Bitcoin at current levels.
- Custodian migration follows ongoing rotations;
Strategy remains overcollateralized.
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The massive transfers caused speculation before blockchain analytics firm Arkham clarified the movements were part of an ongoing custodian migration.
Arkham stated the transactions are not Bitcoin ( BTC ) sales.
The firm explained that Strategy has been transferring assets from Coinbase Custody to a new custodian over the past two weeks, with similar movements occurring throughout the migration process.
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Arkham breaks down custodian migration details
The November 14 transfers are mainly three types of movements, according to Arkham.
Strategy moved Bitcoin from Coinbase Custody to a new custodian provider.
The company also conducted internal transfers within the new custodian’s infrastructure.
Coinbase wallet refreshes accounted for additional movements.
ON TODAY’S STRATEGY BITCOIN MOVEMENTS
Since 00:00 UTC today, Strategy moved 43,415 BTC worth $4.26B to over 100 different addresses.
Over the past two weeks, Strategy has been making transfers from Coinbase Custody (their existing custodian) to a new custodian.
We believe…
pic.twitter.com/RY9mcT8MDv— Arkham (@arkham) November 14, 2025
“This does not mean that Strategy has sold their BTC, nor do transfers from Arkham’s Strategy entity automatically imply the sale of those assets,” Arkham wrote on X.
The analytics firm noted that Strategy regularly undergoes wallet and custodian rotations.
Anyone monitoring Arkham’s Strategy entity over the past two weeks would have seen similar transfers followed by re-labeling of new custodian addresses.
“Most of the movements that have been reported this morning appear to be a continuation of those transfers,” Arkham stated.
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Saylor confirms accelerated Bitcoin purchases on CNBC
Michael Saylor, Strategy’s founder and executive chairman, confirmed on CNBC that the company continues buying BTC.
“We are buying.
We’re buying quite a lot, actually.
And we’ll actually report our next buys on Monday morning,” Saylor said.
We are ₿uying.
pic.twitter.com/6g11E9G6pO— Michael Saylor (@saylor) November 14, 2025
When asked if Strategy is ever not buying, Saylor replied:
“No, we’re always buying.
Bitcoin’s always a good investment.”
Saylor explained that Strategy has been ramping up purchases at current price levels.
The company has been buying BTC at both recent highs around $106,000 and at current levels near $96,000.
“I think people will be pleasantly surprised” by Monday’s purchase announcement, Saylor stated.
Saylor addressed concerns about Strategy’s leverage and debt structure.
The company maintains leverage of less than 1.15 times and has debt extending four and a half years out.
“If Bitcoin were to fall 80%, we’re still overcollateralized, and we’re fine,” he said.
The executive emphasized that Strategy has no trigger points or default scenarios from its digital credit instruments.
Saylor maintained his long-term bullish outlook and stated that BTC will outperform both gold and the S&P 500.
“If you’re a long term investor, this is the place to be,” he said.
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