- Arkham identified 70,816 new BTC addresses tied to MicroStrategy, revealing 87.5% of its $54.5B Bitcoin holdings publicly.
- Strategy holds 409,398 BTC; 107k in pooled Fidelity custody, over 327k in segregated wallets like Coinbase Prime.
Blockchain analysis firm Arkham Intelligence has identified additional Bitcoin holdings belonging to business intelligence company Strategy. On May 28, 2025, Arkham stated it located 70,816 BTC tied to MicroStrategy.
This discovery increases the total identified holdings to $54.5 billion worth of Bitcoin. The identified addresses represent 87.5% of MicroStrategy’s total Bitcoin reserves, including assets held in Fidelity Digital’s omnibus custody.
Strategy currently holds 409,398 BTC, valued at $43.43 billion at publication time. This value reflects a 1.49% decrease from previous levels. According to Arkham’s data:
- 107,000 BTC are held within pooled Fidelity Digital accounts
- Over 327,000 BTC are stored in segregated custody services like Coinbase Prime
Arkham’s announcement directly challenges Strategy CEO Michael Saylor’s past position. Saylor previously stated the company would never disclose its Bitcoin addresses. Arkham referenced this stance in its social media post: “Saylor said he’d never reveal his addresses… so we did.“
SAYLOR SAID HE WOULD NEVER REVEAL HIS ADDRESSES … SO WE DID
We have identified an additional 70,816 BTC belonging to Strategy, bringing our total identified MSTR BTC holdings to $54.5 Billion. We are the first to publicly identify these holdings.
This represents 87.5% of… pic.twitter.com/P3OVdVrhQL
— Arkham (@arkham) May 28, 2025
Crypto community responses varied:
- Some users speculated MicroStrategy might sell holdings due to reduced privacy
- Others suggested address exposure limits MicroStrategy’s selling options
- Critics condemned Arkham for violating corporate privacy, calling the disclosure unnecessary
MicroStrategy’s Custody Approach
The company began acquiring Bitcoin as a treasury reserve asset in August 2020. Its strategy employs mixed custody methods – primarily using institutional custodians like Fidelity while maintaining segregated holdings through providers like Coinbase. This balances institutional integration with direct asset control.
Arkham now enables public tracking of these identified Strategy addresses through its platform. The firm noted service availability varies by jurisdiction, with perpetual contracts unavailable to U.S. users.
Strategy has not yet publicly responded to Arkham’s identification of its Bitcoin reserves. Digital transparency cuts both ways – revealing what was meant to stay obscured.
