Blockchain sleuthing firm Arkham Intelligence claims it’s done what Strategy (MSTR)—and its executive chairman Michael Saylor—said would never happen: publicly link nearly 88% of the company’s Bitcoin holdings to identifiable wallets.
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Arkham Says: “Saylor Wouldn’t Reveal Them—So We Did”
In a post that reads as part victory lap, part challenge, Arkham said it had tracked down an additional 70,816 BTC held by Strategy, bringing the total to around 87.5% of the firm’s known Bitcoin holdings. The stash—worth about $7.6 billion at current prices—was tied to newly identified wallets that had not been previously linked to the firm.
If accurate, that would place Strategy’s publicly identifiable holdings at $54.5 billion.
“Saylor said he would never reveal his addresses. So, we did,” Arkham wrote. The company has yet to respond publicly.
Saylor Warned This Was a Bad Idea—Now It’s Real
Just days earlier at the Bitcoin 2025 conference in Las Vegas, Saylor told attendees that publishing wallet addresses was “not a good idea” and could pose long-term risks for institutions. He warned that any entity exposing their wallets would be inviting scrutiny on every future transaction.
“If you ask AI to map out all the potential issues with that,” Saylor said, “you’d get 50 pages of problems.”
It was the clearest articulation yet of Strategy’s long-held approach: stay private, stay secure.
Accuracy Under Scrutiny—Again
This isn’t Arkham’s first high-profile wallet reveal. But not everyone buys their methodology. The firm was previously accused of mislabeling wallets during the Mantra token fallout, with Mantra’s CEO flatly denying Arkham’s claims that insiders were dumping tokens.
That history raises a familiar question: just because a wallet can be tracked—should it be named?
If Arkham’s numbers check out, Strategy’s so-called fortress of privacy now has a front door — and everyone knows the address.
Is MicroStrategy a Good Buy?
While Arkham’s wallet revelation may have peeled back the curtain, Wall Street doesn’t seem rattled. Strategy (formerly MicroStrategy) still carries a “Strong Buy” rating from analysts, according to TipRanks. Out of 13 ratings issued in the past three months, 12 are bullish—with only one Sell and zero Hold calls.
