Arkham Identifies 87.5% of Strategy's Bitcoin Holdings

Strategy’s Bitcoin Holdings Unveiled

Arkham Intelligence, an on-chain analytics firm, has reportedly mapped out 87.5% of Strategy’s Bitcoin holdings, estimated to be worth $54.5 billion. This finding challenges the security-focused argument of founder Michael Saylor, who opposes public wallet disclosures.

“You publish your wallet, that’s an attack vector for hackers, nation-state actors, every type of troll imaginable. It’s okay at a small level, but it isn’t God’s gift. People give too much credence to it on X.” – Michael Saylor

Michael Saylor has consistently advocated against releasing Strategy’s wallet addresses, citing risks from hackers and other malicious entities. Arkham’s findings, announced after Bitcoin 2025, suggest a shift in the effectiveness of on-chain analysis tools in de-anonymizing wallet holders.

The disclosure could impact Strategy’s market perception and encourage companies to reconsider transparency around their crypto holdings. Arkham identified over 454,230 BTC, highlighting increased analytical capabilities in revealing asset ownership.

Financially, this adds a new layer to how Strategy and similar entities manage cryptocurrency treasuries. The method used by Arkham, including tracing deposit patterns and clustering addresses, underscores the sophistication of contemporary blockchain forensics.

Impact on Corporate Crypto Disclosure

Previous examples include Arkham identifying Binance as the largest Bitcoin wallet holder, setting a precedent in transparency. As on-chain analytics evolve, they offer a potent tool for scrutinizing undisclosed crypto holdings, compelling companies to reconsider their disclosure practices.

Arkham’s findings may prompt regulatory discussions on the expectations for cryptocurrency disclosure at the corporate level. Observers await Strategy or Michael Saylor’s response to this significant analytics achievement, which could reshape trust in corporate crypto asset management.

The revelation provides unprecedented transparency into one of the largest corporate Bitcoin treasuries without requiring voluntary disclosure from the company itself.