Arkham Uncovers $54.5B in Bitcoin Linked to MicroStrategy

Blockchain analytics firm Arkham has identified 70,816 additional Bitcoin (BTC) addresses linked to Strategy (formerly MicroStrategy), boosting the total BTC it tracks for the company to 190,000 BTC—worth around $54.5 billion. This marks the first public connection of these wallet addresses to the firm, despite CEO Michael Saylor’s prior refusal to disclose them due to security concerns.

Strategy, originally a business intelligence firm, has become a dominant force in Bitcoin investing since it began accumulating the asset in 2020. Arkham’s new findings account for roughly 87.5% of the company’s total known Bitcoin holdings, including those held in Fidelity Digital’s omnibus custody.

While Strategy has regularly filed purchase disclosures with the U.S. Securities and Exchange Commission (SEC), the specific wallet locations have remained undisclosed—until now. Arkham utilized advanced on-chain tracking tools to identify and link these massive BTC holdings to Strategy, bypassing the firm’s intentional opacity.

This development highlights the growing power of blockchain transparency. Unlike traditional finance, where assets can remain largely hidden, blockchain’s public ledger makes it possible to trace movements—even from major institutions trying to maintain secrecy. As analytical tools become more sophisticated, more institutional crypto holdings are likely to come to light.

Michael Saylor, a long-time advocate of Bitcoin as a corporate treasury reserve asset, has yet to comment on Arkham’s revelation. However, this disclosure reinforces a key truth in blockchain: full privacy is nearly impossible. In today’s digital economy, even billion-dollar Bitcoin stashes can be tracked.

With Strategy’s holdings now partially unmasked, Arkham’s work represents a milestone in crypto intelligence and underscores the shifting landscape of financial transparency in the blockchain era.