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

Blockchain analysis company Arkham Intelligence claims to have uncovered previously undisclosed wallet addresses tied to Strategy (formerly MicroStrategy), potentially exposing billions in Bitcoin holdings. 

In a post referencing Strategy co-founder and executive chairman Michael Saylor’s commitment to privacy, Arkham claimed that it had identified an additional 70,816 BTC linked to the company. At current prices, the stash is valued at about $7.6 billion.

Arkham said the newly identified wallets bring Strategy’s total identified holdings to $54.5 billion. If accurate, the findings suggest that Arkham has mapped out most of the company’s stash, making it the first entity to publicly associate the wallets with the firm. 

“Saylor said he would never reveal his addresses. So, we did,” Arkham wrote, adding that the amount represents 87.5% of the total Bitcoin holdings of Strategy. 

Cointelegraph reached out to Arkham and Strategy for comment but had not received a response by publication time.

Strategy chairman says publishing addresses “not a good idea” 

Arkam’s claims follow comments from Saylor about the risks of publishing wallet addresses. At the Bitcoin 2025 conference in Las Vegas, Saylor said that publishing wallet addresses is dangerous for companies holding Bitcoin. 

“No institutional grade or enterprise security analyst would think it’s a good idea to publish all of the wallet addresses such that you can be traced back and forth,” Saylor said. 

The executive said making wallets public allows every future transaction to be scrutinized, exposing a company to risks that may not be immediately apparent. 

To highlight his point, Saylor suggested using artificial intelligence to explore the issue. Saylor said if a user puts AI in deep think mode and asks about security problems associated with publishing wallet addresses, the executive said the response could get “50 pages” of security problems.

Related: Metaplanet issues $21M in bonds to buy Bitcoin, a day after $50M raise

Arkham previously accused of mislabelling wallets

While blockchain data is publicly available, the accuracy of claims related to wallet ownership has been questioned before. 

At the height of the Mantra token collapse, Mantra CEO John Mullin denied accusations of insiders dumping their token. The executive accused Arkham of mislabeling the wallets they had identified as belonging to insiders. 

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