Arkham Traces $7.6B in Bitcoin to Strategy Despite Saylor’s Privacy Stance

Key Takeaways:

• Arkham has linked 70,816 BTC worth $7.6B to Strategy, raising its identified holdings to $54.5B.
• The findings contradict Michael Saylor’s warnings about disclosing wallet addresses due to security risks.
• Strategy has slowed its Bitcoin purchases as MSTR’s premium shrinks and competition in corporate BTC holdings grows.

Arkham Intelligence has linked over $7.6 billion worth of Bitcoin to Strategy, the company formerly known as MicroStrategy.

In a recent post, the blockchain analytics firm claimed to have identified wallet addresses holding 70,816 BTC tied to the company, despite public resistance from its co-founder and executive chairman, Michael Saylor, to disclose such information.

“Saylor said he would never reveal his addresses. So, we did,” Arkham wrote.

If the data is accurate, the new wallets bring Strategy’s total identified Bitcoin holdings to $54.5 billion, representing around 87.5% of the firm’s total BTC reserves, according to Arkham’s analysis.

The revelation directly counters Saylor’s recent remarks at Bitcoin 2025 in Las Vegas, where he warned against exposing wallet addresses.

“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.

He argued that transparency of wallet activity creates long-term vulnerabilities, including transaction tracing and predictive behavioral analytics.

Saylor further suggested using AI to simulate attack scenarios, warning that the technology could generate “50 pages” of potential risks just from the exposure of wallet addresses alone.

Previously, we tagged:

– 107K BTC sent to MSTR Fidelity deposits (Fidelity does not segregate custody, so these BTC do not appear in the MSTR entity)
– Over 327K BTC held in segregated custody including Coinbase Prime, in our MSTR entity. pic.twitter.com/MNJ56fnB4A

While blockchain records are inherently public, identifying the true owner behind an address is often speculative.

Arkham’s findings come amid heightened scrutiny over its wallet-labeling methods, with past allegations of misidentification—such as those from Mantra CEO John Mullin, who denied Arkham’s claims during the platform’s token collapse.

Strategy appears to be easing its pace of Bitcoin acquisitions, according to a report from K33 Research.

The company, led by co-founder Michael Saylor, remains the largest publicly traded holder of Bitcoin, but its recent purchase cadence has cooled compared to the frenzied buying seen last November.

In its latest filing, Strategy revealed it bought 4,020 BTC between May 19 and May 25 for $427.1 million, using proceeds from its ongoing $21 billion at-the-market (ATM) offering.

However, capital raised from the program has slowed. Only $348.7 million was deployed during that week, down from $705.7 million the week prior and $1.31 billion in early May.

K33 Head of Research Vetle Lunde attributes the deceleration to two key factors: a declining premium for MSTR shares relative to the firm’s Bitcoin holdings, and intensifying competition among corporations entering the Bitcoin treasury space.

Meanwhile, Jeff Walton, an analyst at Strategy, has said the firm may one day rise to become the top publicly traded company in the world.

Walton believes the company’s unprecedented exposure to Bitcoin, which recently crossed $111,000, gives it a unique edge.

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