Key Takeaways:
- Arkham Intelligence claims to have identified 87.5% of Strategy’s Bitcoin holdings, totaling approximately $7.6 billion across new and previously known addresses.
- This revelation contrasts with Strategy chairman Michael Saylor’s strong stance against disclosing wallet addresses due to security risks.
- Arkham’s credibility remains in question, having faced past disputes over wallet misidentification, including in the Mantra token case.
Arkham Intelligence, a blockchain analytics firm, claims it has identified wallet addresses linked to Strategy (formerly MicroStrategy), revealing approximately 87.5% of the company’s total Bitcoin holdings.
In a recent update, Arkham stated it uncovered an additional 70,816 BTC—worth around $7.6 billion—bringing the total identified holdings to $54.5 billion.
SAYLOR SAID HE WOULD NEVER REVEAL HIS ADDRESSES … SO WE DID
— Arkham (@arkham) May 28, 2025
We have identified an additional 70,816 BTC belonging to Strategy, bringing our total identified MSTR BTC holdings to $54.5 Billion. We are the first to publicly identify these holdings.
This represents 87.5% of… pic.twitter.com/P3OVdVrhQL
This contradicts Strategy co-founder Michael Saylor’s longstanding stance against revealing wallet addresses due to security risks.
At the Bitcoin 2025 conference, Saylor warned that exposing wallet details could lead to continuous tracking and long-term vulnerabilities, emphasizing that even AI tools could generate “50 pages” of related security concerns.
Michael Saylor calls Proof of Reserves (PoR) insecure and misleading for institutions.
— CryptoPotato Official (@Crypto_Potato) May 27, 2025
He warns that publishing wallet addresses invites hacks and says PoR ignores liabilities — offering a false sense of security.
His advice? Self-custody your Bitcoin. 🟧 pic.twitter.com/FeHdobfg5m
Arkham’s analysis builds on earlier findings of 107,000 BTC in Fidelity deposits (not linked to Strategy due to non-segregated custody) and over 327,000 BTC held in segregated custody, including at Coinbase Prime.
While Arkham’s work appears impactful, its accuracy has been questioned—most notably during the Mantra token controversy, where its wallet labels were challenged by the project’s CEO.
As of now, neither Strategy nor Arkham has issued further statements.
The disclosure renews the debate over transparency versus security in managing institutional crypto assets.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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