Arkham claims to have found 87% of Strategy’s Bitcoin

Blockchain analytics firm Arkham Intelligence claims to have identified previously undisclosed Bitcoin wallets linked to Strategy (formerly MicroStrategy), potentially revealing billions of dollars in previously unattributed holdings. Their analysis suggests an additional 70,816 BTC, valued at approximately $7.6 billion at current market prices, bringing Strategy’s total publicly identified Bitcoin holdings to roughly $54.5 billion. This represents a significant portion – Arkham estimates 87.5% – of Strategy’s total Bitcoin reserves.

This revelation directly contradicts statements made by Michael Saylor, Strategy’s co-founder and executive chairman, who has previously emphasized the importance of maintaining the privacy of their Bitcoin wallets. At the Bitcoin 2025 conference, Saylor cautioned against publicly disclosing wallet addresses, citing significant security risks. He argued that such transparency would allow for constant scrutiny of every transaction, potentially exposing the company to unforeseen vulnerabilities. Saylor even suggested employing artificial intelligence to fully assess the security implications, hinting at the complexity and potential magnitude of the risks involved.

Arkham’s assertion that they have successfully mapped out most of Strategy’s Bitcoin holdings represents a notable achievement in blockchain analysis. However, the accuracy of attributing specific wallets to particular entities remains a subject of debate. Previous instances have seen accusations of mislabeling by Arkham, highlighting the challenges inherent in definitively linking wallet addresses to specific organizations or individuals. For example, during the Mantra token collapse, the CEO contested Arkham’s identification of insider wallets.

While blockchain data is publicly available, interpreting and definitively assigning ownership remains complex. Arkham’s findings, therefore, require careful consideration and independent verification. The company’s claims, if accurate, significantly impact the understanding of Strategy’s Bitcoin holdings and underscore the ongoing debate surrounding the transparency versus security trade-off in managing substantial cryptocurrency assets. Both Arkham and Strategy have been contacted for comment but have yet to respond.