Arkham Traces 87% of Strategy’s Bitcoin Holdings

Analytical firm Arkham Intelligence has announced the identification of previously undisclosed Bitcoin addresses linked to the company Strategy.

Previously, we tagged:

— 107K BTC sent to MSTR Fidelity deposits (Fidelity does not segregate custody, so these BTC do not appear in the MSTR entity)
— Over 327K BTC held in segregated custody including Coinbase Prime, in our MSTR entity. pic.twitter.com/MNJ56fnB4A

— Arkham (@arkham) May 28, 2025

Experts have discovered 70,816 BTC belonging to the firm. At the current rate, this amounts to approximately $7.6 billion.

“[Michael] Saylor said he would never disclose his addresses. So we did it,” wrote Arkham.

Analysts added that this sum represents 87.5% of Strategy’s total Bitcoin holdings.

Arkham’s statements followed comments from the company’s founder regarding the risks of publishing wallet addresses. At the Bitcoin 2025 conference in Las Vegas, he noted that publishing addresses is dangerous for companies holding Bitcoin.

Michael @saylor’s full answer on proof of reserves WILL SHOCK YOU!! ?

The question: Will @Strategy publish proof of reserves

Full answer uncut unedited here

His answer silences all haters ?

check it out ? pic.twitter.com/mwvo3S5q41

— Professor₿ ? (@ProfessorB21) May 27, 2025

“No institutional or corporate security analyst would consider it a good idea to publish all wallet addresses so you can be tracked,” said Saylor.

He emphasized that revealing wallets allows for the scrutiny of every future transaction, exposing the company to risks that may not be immediately apparent. 

Saylor suggested using artificial intelligence to study this issue, asserting that AI could produce “50 pages” of security concerns related to address publication.

In the first quarter, Strategy earned $5.8 billion from Bitcoin. However, the company’s losses exceeded $4 billion.

On May 19, Strategy was accused of making “false or misleading statements” about the profitability of its Bitcoin strategy and concealing the risks of asset volatility.