Strategy's BTC transfer to Fidelity may signal a sale, analyst says

Jacob King, CEO of crypto media outlet SwanDesk, said that Strategy's recent transfer of its BTC holdings to Fidelity Custody is noteworthy, coming shortly after the company announced it might consider selling Bitcoin if its market cap to net asset value (mNAV) remains below one. King noted that SpaceX also transferred BTC to Coinbase, a move typically interpreted as preparation for a sale rather than a purchase. He added that on-chain data suggests many publicly traded companies with Bitcoin exposure have already sold some of their holdings at prices above $90,000. King warned that institutions appear to be seeking an exit before a full bear market begins, which could leave retail investors holding the assets.