The blockchain analytics firm claims to have identified the Bitcoin addresses held by the company led by Saylor.
Arkham Intelligence announced it had identified addresses linked to Strategy. According to Arkham’s statements, an additional 70,816 BTC connected to the company have been identified, with an estimated value of around $7.6 billion at current prices. This discovery would bring the total amount of Strategy’s identified holdings to $54.5 billion.
The analytics firm claims to have mapped 87.5% of Strategy’s total holdings. In a provocative post on X, Arkham wrote:
“Saylor said he would never reveal his addresses. So, we did it for him.
Previously, we tagged:
– 107,000 BTC sent to MSTR’s Fidelity deposits (Fidelity does not segregate custody, so these BTC do not appear in the MSTR entity)
– Over 327,000 BTC held in segregated custody, including Coinbase Prime, in our MSTR entity.”
Arkham’s revelations directly clash with Michael Saylor’s public statements on wallet security. During the Bitcoin 2025 conference in Las Vegas, the Strategy chairman explicitly warned against publishing corporate wallet addresses.
“No institutional or enterprise security analyst would ever think it’s a good idea to publish all the wallet addresses so you can be tracked back and forth,” Saylor said during the event.
The executive chairman of Strategy added:
“The current, conventional way to publish proof-of-reserves is an insecure proof of reserves… It’s not a good idea, it’s a bad idea.”
He compared publishing wallet addresses to “publishing the addresses, bank accounts, and phone numbers of your kids hoping it will protect them — when in fact it makes them more vulnerable.”
Finally, the executive chairman suggested using artificial intelligence to explore the security implications of such a practice, claiming that in-depth research could produce “50 pages” of potential security risks.
