Arkham Intelligence Analyzes 87% of Strategy’s Bitcoin Holdings
Blockchain analysis specialist Arkham Intelligence has publicly disclosed a set of previously unreported Bitcoin wallet addresses that it attributes to Strategy (formerly MicroStrategy), potentially uncovering an additional 70,816 BTC—worth roughly $7.6 billion at current prices. This revelation brings Arkham’s total mapped balance for Strategy to around 282,000 BTC, or $54.5 billion, representing about 87.5% of the firm’s on-chain holdings.
Arkham’s Findings: 87.5% of Strategy’s BTC Exposed
In an X post, Arkham detailed that its blockchain data science team applied advanced heuristics and clustering algorithms to identify address clusters linked to Strategy’s known custody providers, including Coinbase Custody, BitGo and Gemini. By correlating timestamps, multi-input transaction patterns and withdrawal addresses published in public disclosures, Arkham asserts it has mapped the bulk of the firm’s Bitcoin stash—making it the first entity to publicly attribute these additional wallets to Strategy.
“Saylor said he would never reveal his addresses. So, we did,” Arkham wrote, noting the newly identified addresses lift its attribution coverage to 87.5% of Strategy’s total holdings.
Strategy Chairman on Privacy Risks
At the Bitcoin 2025 conference in Las Vegas, Strategy co-founder and executive chairman Michael Saylor warned against full on-chain transparency for large Bitcoin holders. He argued that publishing all wallet addresses exposes firms to supply chain attacks, targeted phishing, and regulatory overreach.
“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,” Saylor said. “AI in deep think mode would spit out 50 pages of security problems.”
Technical Breakdown of Arkham’s Methodology
Arkham’s attribution process combines open-source data with proprietary analytics:
- Address Clustering: Using the multi-input heuristic, Arkham groups addresses that share common inputs in single transactions.
- Behavioral Analysis: Transaction timing and value patterns are cross-referenced against corporate treasury movements disclosed in SEC filings and press releases.
- Network-Level Indicators: Arkham monitors public mempool relays and node IP addresses to infer linkage when possible, although this data is weighted less due to privacy protections.
Implications for Corporate Bitcoin Custody and Privacy
These findings highlight a central tension in institutional crypto adoption: the balance between proof-of-reserves transparency and operational privacy. Firms seeking to reassure stakeholders may publish Merkle-tree proofs or engage third-party audits rather than expose raw Bitcoin addresses. According to blockchain security consultant Dr. Elena Serrano, this approach can mitigate:
- Targeted cyberattacks on treasury funds
- Front-running of large block transactions
- Jurisdictional or sanctions-based interventions
Proof-of-Reserves vs. Address Disclosure
Experts recommend cryptographic proofs of reserves—such as Merkle sum trees—over direct address publication. This method provides verifiable snapshots of on-chain holdings without revealing exact inbound, outbound or change addresses.
Expert Perspectives on Address Attribution
John Patel, head of research at Crypto Analytics LLC, says Arkham’s work underscores the power—and limits—of on-chain forensics:
“Heuristic clustering is robust for large-scale attribution, but false positives can occur when multiple entities use shared custody services. Independent validation via cold storage audits remains critical.”
Potential Next Steps and Industry Reaction
Strategy and Arkham have not yet commented further. Institutional players will watch closely: if Arkham’s attribution holds, other corporations may reevaluate their treasury security frameworks, weighing the reputational benefits of transparency against the operational risks of address exposure.