Coinbase can—and does—move BTC between its own wallets all day long. That's exactly why "tracking" Saylor's coins is a fool's errand.
The people claiming to track his BTC are trying to follow a trail through a Coinbase labyrinth where:
· Internal transfers are invisible—Coinbase can move BTC between its own wallets, and those movements appear as on-chain transactions, but they don't represent sales or changes in actual BTC ownership
· Custodial wallets are mixed—Coinbase uses institutional-grade custody, and large withdrawals can be custody management, internal rebalancing, or routine security procedures rather than anything meaningful
· Tracking claims are guesses—Without confirmed wallet addresses from Strategy itself, anyone claiming to track Saylor's BTC is just making educated guesses based on transaction patterns
