Arkham Intelligence, a blockchain analytics firm, has revealed it identified previously undisclosed Bitcoin addresses tied to Strategy, a company formerly known as MicroStrategy.
The firm uncovered 70,816 BTC belonging to Strategy, valued at approximately $7.6 billion at current prices. This discovery accounts for 87.5% of Strategy’s total Bitcoin holdings, bringing the total identified stash to $54.5 billion, including assets held in Fidelity Digital’s omnibus custody.
In a bold statement, Arkham declared, “Michael Saylor said he would never reveal his addresses. So, we did.” This move directly challenges Saylor’s long-standing stance on privacy. At the Bitcoin 2025 conference in Las Vegas, Strategy’s co-founder and executive chairman emphasized the risks of publicizing wallet addresses. “No institutional-grade or enterprise security analyst would think it’s a good idea to publish all wallet addresses for the world to track a company,” Saylor stated, highlighting potential vulnerabilities for Bitcoin-holding firms.
The revelation comes at a time when Strategy’s Bitcoin strategy has been under scrutiny. In the first quarter of 2025, the company reportedly earned $5.8 billion from its Bitcoin investments, though it also posted a loss exceeding $4 billion. Strategy has been aggressively accumulating Bitcoin since 2020, with its total holdings now at 580,250 BTC, worth over $61 billion as of early June 2025.
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Arkham’s findings have sparked a broader debate about transparency versus security in the crypto space. While some see this as a step toward accountability for major Bitcoin holders, others worry it could expose firms to targeted attacks.
For now, Strategy’s Bitcoin hoard remains a focal point of both admiration and controversy in the evolving landscape of corporate crypto adoption.
