Key Takeaways
- Arkham says it has identified 87.5% of Strategy’s Bitcoin holdings.
- Michael Saylor warned against revealing wallet addresses due to security risks.
- Arkham previously faced backlash over alleged mislabeling of wallet ownership.
Blockchain analytics firm Arkham Intelligence claims to have uncovered wallet addresses holding 87.5% of Strategy’s (formerly MicroStrategy) total Bitcoin stash—approximately 70,816 BTC, valued at around $7.6 billion.
Implications of the findings
If accurate, Arkham’s findings would bring Strategy’s publicly identified Bitcoin holdings to $54.5 billion.
The firm stated:
Saylor said he would never reveal his addresses. So, we did.
The claim would make Arkham the first group to publicly associate these specific wallets with the company.
Saylor’s security concerns
The disclosure comes after Michael Saylor, Strategy’s executive chairman, reiterated the risks of making Bitcoin wallet addresses public.
Speaking at the Bitcoin 2025 conference in Las Vegas, Saylor said:
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.
He warned that public exposure could lead to long-term security threats, as all future transactions would be open to scrutiny.
Previous controversies
This is not the first time Arkham’s wallet identification has faced criticism.
During the Mantra token collapse, CEO John Mullin accused Arkham of mislabeling wallets as insider-controlled—claims which remain disputed.
Both Strategy and Arkham have not commented on the wallet identification at the time of publication.
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