59.9B in Bitcoin Unmasked: Arkham Traces 97% of Strategy’s Secret Wallets

Key Takeaways:

Arkham Intelligence has traced 580,000+ BTC (~$59.92B) to Strategy, covering 97% of the company’s total Bitcoin stash.
53,833 BTC ($5.75B) of previously unidentified holdings were revealed, making Arkham the first to map nearly all wallets linked to Michael Saylor’s firm.
Despite Strategy’s refusal to publish wallet addresses, Arkham leveraged on-chain patterns and timing analysis to expose the addresses.

After years of secrecy, on-chain analytics firm Arkham Intelligence has managed to expose nearly the entire Bitcoin arsenal of Michael Saylor’s Strategy (formerly MicroStrategy). The revelation includes over $5.75 billion in newly linked Bitcoin, shaking up conversations about transparency, wallet security, and proof-of-reserves in the crypto space.

Arkham’s $59.92B Breakthrough: What They Found

Arkham Intelligence announced it has successfully mapped 580,000+ BTC to Strategy—representing roughly 97% of the company’s estimated Bitcoin reserves. This includes:

454,000 BTC in segregated cold storage
107,000 BTC under Fidelity’s omnibus custody
And the newly uncovered 53,833 BTC, worth over $5.75 billion

This analysis confirms that Strategy’s actual Bitcoin stash may be significantly larger than the 214,400 BTC publicly disclosed by the firm.

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

According to Arkham, these findings are based on behavioral wallet clustering, transaction history, and unique transfer signatures that reflect Strategy’s typical storage and acquisition habits.

Strategy’s Reluctance vs. Blockchain Transparency

Despite being one of the largest institutional holders of Bitcoin, Strategy has consistently refused to publicly disclose its wallet addresses. Michael Saylor, executive chairman and Bitcoin evangelist, argues that transparency of this kind invites unnecessary security risks and could make the company a target for cyberattacks.

At Bitcoin 2025 in Las Vegas, Saylor reiterated that “no responsible executive” should expose wallet addresses in real time, citing the permanent nature of blockchain records and the dangers of being monitored by malicious actors.

However, Arkham’s move flips that stance on its head. By applying rigorous on-chain forensics and leveraging non-public behavioral insights, Arkham has essentially achieved what Saylor has warned against—full on-chain visibility of Strategy’s Bitcoin empire.

How Arkham Uncovered the Wallets

Arkham did not disclose its full methodology, but analysts believe the firm used a combination of:

Address clustering: Grouping addresses by shared behavior or known transaction origins
Time correlation: Comparing timestamps between known public purchases and wallet activity
Dust analysis: Tracing small test transactions sent from known wallets to new addresses
Behavioral heuristics: Identifying Strategy’s unique holding patterns, such as long inactivity and non-spending behavior

By triangulating these data points, Arkham was able to attribute wallet ownership with high confidence—despite no official confirmation from Strategy.

Fun fact: Bitcoin’s transparency makes such analysis possible. Every transaction is permanently stored on the blockchain, and while addresses are pseudonymous, behavior can make them identifiable over time.

Strategy’s Latest $427M BTC Purchase Adds Fuel

Just days before Arkham’s announcement, Strategy filed a purchase disclosure showing that it had acquired an additional 4,020 BTC between May 19 and May 25, at an average price of $106,237 per BTC.

Purchase value: $427 million
Funding sources:

$348.7M raised via MSTR shares
$67.9M raised via STRK shares
$10.4M from newly issued STRF preferred stock (priced at $0.001/share)

This pushes Strategy’s total Bitcoin purchases to over $40.6 billion, with an average cost basis of $69,979 per BTC.

Saylor continues to double down on Bitcoin as a primary treasury reserve asset, despite criticism from traditional financial analysts who consider such allocation overly aggressive.

Industry Response: Debate Around Proof-of-Reserves Heats Up

Arkham’s revelation lands at a moment when the “proof-of-reserve” conversation is gaining traction across the crypto world.

Michael Saylor has been an outspoken critic of proof-of-reserve requirements, calling them “a bad idea” due to potential vulnerabilities. Yet critics argue that transparency is fundamental to crypto’s ethos.

Nate Geraci, President of the ETF Store, responded publicly:

“If asset managers like Bitwise are comfortable disclosing wallets, Strategy should be too. Bitcoin is about transparency, not obfuscation.”

Others note that centralized institutions in crypto are increasingly under pressure to demonstrate reserves, particularly in the wake of collapses like FTX, where hidden liabilities played a key role in investor losses.

Arkham’s move could set a precedent—voluntarily or not—for other firms holding large BTC reserves.

Bitcoin Market Impact and Price Reactions

Following Arkham’s announcement, Bitcoin briefly rose 2.3%, with speculation surrounding what the news might mean for:

Institutional confidence
Saylor’s long-term strategy
Potential selling pressure if Strategy were to liquidate portions of its holdings

However, most analysts believe that Strategy’s cold storage dominance and long-term HODL behavior will minimize near-term sell pressure.

Strategy now holds roughly 2.76% of all BTC ever to exist (21 million cap). This positions the firm as one of the most influential actors in the Bitcoin ecosystem—on par with sovereign nation-level reserves.

What’s Next? Watch These 3 Signals Closely

Regulatory attention: U.S. regulators may take greater interest in wallet-level transparency by large institutional holders.
Institutional copycats: Expect more companies to either mimic or avoid Strategy’s approach depending on investor sentiment.
Open-source tracking tools: Arkham’s methodology could spark new tools allowing the public to trace whale wallets more easily.

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