A massive transfer of 43,415 Bitcoin, valued at $4.26 billion, by MicroStrategy on November 14 sparked speculation across the market. However, blockchain analytics firm Arkham quickly clarified that the movements were part of a planned custodian migration and not a sale of the company’s holdings.

The transactions, which involved more than 100 addresses, were part of an ongoing process. Arkham explained that MicroStrategy has been moving its assets from Coinbase Custody to a new custodian over the past two weeks, with similar transfers occurring throughout the migration.

A Closer Look at the Custodian Migration

According to Arkham, the on-chain activity on November 14 consisted of three main types of movements. The primary transfers involved shifting Bitcoin from Coinbase Custody to the new provider. The other transactions were internal transfers within the new custodian’s infrastructure and routine wallet refreshes by Coinbase.

In a statement on X, Arkham emphasized that the transfers do not imply a sale of assets. The firm noted that MicroStrategy regularly performs wallet and custodian rotations and that observers would have seen similar transfers followed by the re-labeling of new addresses in recent weeks.

Saylor Reaffirms ‘Always Buying’ Strategy

Reinforcing the company’s position, MicroStrategy founder and executive chairman Michael Saylor confirmed on CNBC that the company is continuing its Bitcoin acquisition strategy. Saylor stated that the firm is “always buying” and has been ramping up its purchases at recent price levels.

Addressing concerns about the company’s financial structure, Saylor explained that MicroStrategy maintains a low leverage of less than 1.15 times and has debt extending four and a half years. He assured that the company is well-positioned to handle market volatility, stating, “If Bitcoin were to fall 80%, we’re still overcollateralized, and we’re fine.”

Saylor maintained his long-term positive outlook, reiterating his belief that Bitcoin will outperform both gold and the S&P 500. He concluded that for any long-term investor, Bitcoin is “the place to be.”