Arkham Intelligence has publicly identified 70,816 additional Bitcoin (BTC) belonging to MicroStrategy, unraveling the company’s elusive holdings despite Executive Chairman Michael Saylor’s vocal advocacy for wallet privacy.
Arkham Identifies $54.5 Billion in MicroStrategy Bitcoin
The latest findings bring Arkham’s estimated total of MicroStrategy-linked Bitcoin to 525,047 BTC (worth $54.5 billion), representing 87.5% of the firm’s known holdings. These newly identified BTC are spread across wallets not previously linked to MicroStrategy, suggesting segregated custody beyond platforms like Fidelity Digital Assets and Coinbase Prime.
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"Saylor said he would never reveal his addresses… so we did. We’ve identified an additional 70,816 BTC belonging to Strategy."
— Arkham (May 28, 2025)
Methodology Discrepancies
- Arkham’s on-chain analysis: Tags 454,231 BTC + 70,816 BTC, using proprietary heuristics.
- Bitcoin Treasuries: Reports 580,250 BTC, based on corporate disclosures.
The variance stems from Arkham’s address-linking approach versus Bitcoin Treasuries’ reliance on public filings.
Institutional Tracking vs. Saylor’s Secrecy
Arkham’s disclosure clashes with Saylor’s opposition to proof-of-reserves (PoR) transparency. He argues that exposing wallet addresses invites cyberattacks, citing risks like exchange breaches and ransom threats.
"No enterprise security analyst would endorse publishing wallets. It’s an insecure practice."
— Michael Saylor
Community Debate
- Pro-Transparency Camp: Praises Arkham’s technical rigor.
- Privacy Advocates: Criticize operational privacy violations.
- Middle Ground: Suggests zero-knowledge proofs (ZKPs) to verify reserves without address exposure.
Arkham’s Broader Transparency Push
Beyond corporations, Arkham tracks crypto influencers (100K+ followers) via its Key Opinion Leader (KOL) Label, revealing potential conflicts of interest in promotional campaigns.
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FAQ
Q: How does Arkham link wallets to MicroStrategy?
A: Through proprietary heuristics analyzing on-chain footprints, even with custodial segregation.
Q: Why the discrepancy between Arkham and Bitcoin Treasuries?
A: Arkham scans blockchain data; Bitcoin Treasuries uses corporate purchase disclosures.
Q: What’s Saylor’s argument against transparency?
A: He believes public cold wallet locations increase cyberattack risks without tangible benefits.
Q: Are there privacy-friendly alternatives to PoR?
A: Yes, zero-knowledge proofs (ZKPs) can verify reserves without exposing addresses.
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