Michael Saylor’s Strategy has once again become the centre of attention in the cryptocurrency world after transferring 22,704 Bitcoin, valued at approximately $2.45 billion, to several newly created wallets within a nine-hour period. Data from Arkham Intelligence revealed the transactions late Thursday, prompting speculation across trading desks and crypto communities alike.
The timing of the transfer is particularly striking, coming just hours after the company posted a stellar third-quarter net income of $2.8 billion, surpassing Wall Street’s estimates. Despite the significant on-chain activity, market analysts suggest the move is more likely tied to custody restructuring or internal wallet optimisation rather than liquidation.
Record Profits and Expanding Bitcoin Treasury
Strategy’s financial performance continues to outpace expectations. The company reported diluted earnings per share (EPS) of $8.42 for Q3, well above analysts’ forecasts of $8.15. More notably, the firm has expanded its Bitcoin holdings to 640,808 BTC, valued at an estimated $70.28 billion. This marks a sharp increase from 597,325 BTC at the start of the quarter.
Chief Financial Officer Andrew Kang confirmed that the company has achieved a 26% year-to-date BTC yield, translating to a $13 billion gain on its Bitcoin positions. “We generated BTC yield of 26% and BTC dollar gain of $13 billion, year-to-date,” Kang said, reaffirming the company’s full-year guidance for an operating income of $34 billion, net income of $24 billion, and a diluted EPS of $80, assuming a Bitcoin price of $150,000 by year-end.
Analysts Suggest Custody Restructuring, Not Liquidation
While such a large transfer might typically alarm traders fearing a potential sell-off, experts have cautioned against jumping to conclusions. Emmett Gallic, a prominent crypto analyst, noted that the movement pattern suggests “a custody switch” rather than liquidation.
“Mass transfers of this scale are often linked to security enhancements or custodial reshuffling,” Gallic explained. “If the assets remain offline and there’s no exchange inflow, it’s generally a sign of internal housekeeping, not market dumping.”
Indeed, the Bitcoin addresses receiving the funds remain cold wallets, indicating that Strategy is likely reinforcing its custody infrastructure, a move consistent with Saylor’s long-term accumulation strategy.
Saylor Reaffirms Unwavering Bitcoin Commitment
Despite the swirling market speculation, Michael Saylor remains steadfast in his bullish outlook. Speaking at the Money 20/20 Fintech Conference in Las Vegas, he predicted Bitcoin could reach $150,000 by the end of 2025, citing the maturing market structure and growing institutional adoption as key drivers.
“I think Bitcoin is going to continue to grind up,” Saylor said in an interview with CNBC. “Our expectation right now is that by the end of the year, it should be around $150,000.” He added that the company’s philosophy remains unchanged: “We’ll be buying the top forever.”
This conviction reflects Strategy’s role as the largest corporate holder of Bitcoin, with holdings surpassing those of even nation-states and ETFs. Saylor reiterated during the earnings call that the firm is not exploring mergers or acquisitions, emphasising that Bitcoin accumulation remains the core of its strategy.
Market Outlook: Stability Over Speculation
Although the multi-billion-dollar wallet shift briefly rattled sentiment, Bitcoin’s price remained relatively stable, suggesting traders share the view that no immediate liquidation is underway. On-chain analysts noted that none of the transferred coins have been sent to exchanges, a typical precursor to selling pressure.
Instead, the move highlights how institutional-grade firms are evolving their custody frameworks amid rising Bitcoin valuations. As regulatory clarity improves and market infrastructure strengthens, large holders like Strategy are expected to continue adjusting their internal systems for enhanced security, transparency, and compliance.
In essence, Saylor’s latest manoeuvre reflects a mature, calculated restructuring, not panic. With Strategy’s profits soaring and Bitcoin holdings expanding, the firm appears well-positioned to capitalise on any future rally, especially if Saylor’s $150,000 prediction materialises.
