Arkham Exposes $54.5B in Bitcoin Tied to Strategy Wallets

Key Insights:

• Arkham Intelligence publicly revealed the majority of Strategy’s Bitcoin wallets.
• Strategy continues large Bitcoin purchases backed by recent stock offerings.
• Several companies and U.S. states expand Bitcoin reserves amid adoption.

Arkham Intelligence publicly disclosed wallet addresses linked to Strategy, formerly known as MicroStrategy, contradicting earlier claims by Michael Saylor that these would remain private.

Arkham identified 70,816 additional BTC attributed to Strategy, raising its known total holdings to $54.5 billion. That figure accounts for 87.5% of Strategy’s Bitcoin, including assets held through Fidelity Digital’s omnibus custody accounts.

The firm had previously tracked 107,000 BTC sent to MicroStrategy’s Fidelity deposits. Since Fidelity’s custody structure is non-segregated, those BTC are not visible under Strategy’s direct entity.

Arkham also tagged over 327,000 BTC in segregated custody accounts—including Coinbase Prime—linked to the MSTR entity. These findings mark the first public mapping of Strategy’s full BTC infrastructure.

Saylor’s Stance Against On-Chain Transparency

Michael Saylor has consistently opposed the public disclosure of wallet addresses. He previously described on-chain proof-of-reserves as an insecure practice that compromises asset security.

During an event before the Bitcoin 2025 Conference, Saylor compared publishing wallet addresses to exposing personal information, which could increase vulnerability to hackers and malicious actors. Instead, he advocates for self-custody combined with audits conducted by major accounting firms.

This recent exposure by Arkham Intelligence challenges Saylor’s position and highlights the growing debate over transparency versus security in crypto asset management. The contrast between the company’s public Bitcoin accumulation and its reluctance to reveal wallet details remains a key focus.

Strategy’s Continued Bitcoin Acquisitions

Despite the controversy, Strategy has continued to expand its Bitcoin holdings. The company recently added 4,020 BTC, purchasing the tokens for about $427.1 million at an average price of $106,237 each.

This purchase followed a significant buy of 7,390 BTC on May 19, costing nearly $765 million. Strategy financed these acquisitions through proceeds raised from its Common ATM, STRK ATM, and STRF ATM stock offerings.

The firm’s year-to-date Bitcoin yield stands at 16.8% in 2025. These purchases took place amid fluctuating market conditions but shortly after Bitcoin reached an all-time high on May 22. Strategy’s co-founder, Michael Saylor, underscored his confidence by stating he only invests Bitcoin funds he can afford to lose. This reflects a long-term belief in Bitcoin’s value as a core reserve asset rather than a speculative risk.

Notably, following the May 19 purchase, Strategy announced a $2.1 billion fundraising initiative through a preferred stock offering. This capital raise aims to support further Bitcoin acquisitions, demonstrating the company’s commitment to increasing its digital asset treasury.

Institutions and States Move Toward Bitcoin Reserves

The same day Arkham released its report, GameStop revealed its first BTC investment, acquiring 4,500 BTC. The retailer did not specify the timeline for its purchases.

Japanese investment firm Metaplanet announced plans to raise $50 million through zero-interest bonds to buy Bitcoin. The firm said it expects to repay the bonds using BTC returns at maturity.

Trump Media and Technology Group also revealed a $2.5 billion capital raise to fund its Bitcoin treasury. The initiative includes $1 billion in convertible notes and $1.5 billion in stock sales.

In the U.S., Texas became the first state to adopt a formal Bitcoin reserve model. Senate Bill 21 authorized the creation of a Texas Strategic Bitcoin Reserve managed by the Comptroller. Only digital assets with a market cap exceeding $500 billion over the past 12 months can be held.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.