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Michael Saylor’s Strategy has moved 22,704 BTC, approximately $2.45 billion, to several new wallets within the last 9 hours, according to Arkham data.
This significant Bitcoin transfer has garnered attention due to its magnitude and potential effects on market behavior.
The transaction occurred shortly after Strategy announced a net income of $2.8 billion for its third quarter, surpassing Wall Street forecasts. The company reported diluted earnings per share of $8.42 for Q3, exceeding the anticipated $8.15.
As the largest corporate holder of Bitcoin, the company possesses 640,808 Bitcoins valued at $70.28 billion, an increase from 597,325 at the beginning of the third quarter.
During the Strategy earnings call, Saylor emphasized that the company will prioritize Bitcoin purchases over any potential deals, even if they are accretive.
Source: Arkham
Strategy BTC Transfers Prompt Market Speculation: Is Liquidation Possible?
The recent series of large Bitcoin transfers from the Strategy wallet to various new addresses has sparked market speculation. Crypto analyst Emmett Gallic suggested that these transactions might be indicative of a “custody switch.”
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Strategy tested 9 new addresses (other than change addresses).
My guess is that this related to a custody switch.
ScriptHash address types (starting with 3) are the same as Coinbase Prime Deposits but that is not the case here because the test funds were not swept. pic.twitter.com/bbsOQlliz1— Emmett Gallic (@emmettgallic) October 31, 2025
Large holders often conduct mass transfers in conjunction with custody reorganization or internal security enhancements, rather than liquidation. The patterns of movement suggest that if assets remain offline, it is likely a matter of housekeeping.
Moreover, Saylor is making significant bets on Bitcoin, forecasting that the asset will reach $150,000. In a conversation with CNBC at the Money 20/20 fintech conference in Las Vegas, he remarked that the Bitcoin bull market appears promising for a solid market structure.
“I think Bitcoin is going to continue to grind up,” Saylor stated. “Our expectation right now is [at the] end of the year it should be about $150,000.”
Additionally, the Strategy leader reiterated that irrespective of price fluctuations, the company will be “buying the top forever.”
Consequently, the transfers indicate an internal restructuring rather than a significant selloff, especially as Strategy has achieved a 26.0% BTC yield in 2025 year-to-date and a $12.9 billion BTC gain.
“We generated BTC yield of 26% and BTC $ gain of $13 billion, year-to-date, and we are reaffirming our full-year guidance for operating income of $34 billion, net income of $24 billion, and diluted EPS of $80 per share, based on a BTC price outlook of $150,000 at the end of the year,” stated Andrew Kang, Strategy’s Chief Financial Officer.
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