Yes, they would be transacting in BTC outside of the federal reserve, as does the US in dollars, but I don't believe they would be holding significant reserves elsewhere without making it public.

English is a second language, so don't underestimate the chances of a simple loose interpretation.

You don't make a public statement about "moving" 11 BTC, you do however make a public statement about increasing your federal reserve by 11 X the normal buy volume.

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Do you make a public statement about increasing the balance of an address intended to convey public information regardless of where the increase came from? Of course you do. Do you explain where it came from? Ideally. Unfortunately, they didn't.