Arkham Says It Has Identified 97% of Strategy’s Bitcoin Holdings On-Chain

Blockchain analytics firm Arkham Intelligence says it has traced over 53,000 Bitcoins to Strategy (formerly MicroStrategy), despite the company’s efforts to keep its wallet addresses private. The analytics firm claims these addresses hold 53,833 BTC, valued at roughly $5.8 billion.

BREAKING: WE’VE IDENTIFIED EVEN MORE OF SAYLOR’S BTC – 97% OF ALL HOLDINGS

We have identified an additional 53,833 BTC ($5.75B), bringing our coverage of Saylor’s Bitcoin holdings to $59.92B, almost ALL of his BTC.

We are the first to publicly identify these holdings. pic.twitter.com/uPTxcU9mR2

— Arkham (@arkham) May 29, 2025

The findings suggest that Strategy’s total identified Bitcoin stash now stands at $59.92 billion. Arkham said this represents about 97% of the company’s total Bitcoin. This makes it the first group to map most of Strategy’s wallets publicly.

Saylor’s Wallets Exposed

Despite Michael Saylor’s refusal to disclose his wallet addresses, Arkham uncovered them using on-chain behavior and other undisclosed methods. The firm linked the wallets based on transaction patterns and additional analysis.

Saylor, Strategy’s executive chairman, has consistently warned against publicizing wallet addresses. Speaking at the Bitcoin 2025 event in Las Vegas, he argued that full transparency around holdings exposes companies to long-term security threats.

At the event, Saylor emphasized that no responsible security analyst would agree to disclose wallet addresses. He warned that making such information public subjects every transaction to ongoing and permanent examination.

Strategy Raises BTC Holdings to 580,250

Notably, Strategy is recognized for its aggressive approach to accumulating Bitcoin. On Monday, it disclosed a new purchase of 4,020 BTC made between May 19 and May 25, spending approximately $427 million at an average price of $106,237 per coin.

This acquisition pushes Strategy’s total Bitcoin holdings to more than 580,250 BTC. The company has now spent around $40.61 billion on Bitcoin, with an average cost of $69,979 per coin.

As in previous purchases, the buy was funded through the sale of MSTR and STRK shares. The company raised $348.7 million from MSTR and $67.9 million from STRK.

Additionally, Strategy also tapped funds from its Series A Perpetual Strife Preferred Stock (STRF). Launched on May 22, the ATM sale program priced each STRF share at $0.001, raising $10.4 million.

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