Arkham Identifies 87% of Strategys Bitcoin Holdings, Sparking Controversy Over Address Disclosure

Arkham Intelligence has reported the identification of previously undisclosed Bitcoin addresses associated with the company Strategy.

Experts found that the firm owns 70,816 BTC, which is valued at approximately $7.6 billion at current rates.

*“[Michael] Saylor stated that he would never reveal his addresses. So we did it,”* the Arkham team wrote.

Analysts mentioned that this amount represents 87.5% of Strategy’s total Bitcoin holdings.

Arkham’s statements came in response to the founder’s comments regarding the dangers of disclosing wallet addresses. At the Bitcoin 2025 conference in Las Vegas, he emphasized that making addresses public poses risks for companies holding Bitcoin.

Michael @saylor’s complete response on proof of reserves WILL ASTOUND YOU!!

The query: Will @Strategy publish proof of reserves?

Full response unedited is available here

His answer puts all critics to rest

Check it out pic.twitter.com/mwvo3S5q41

*“No analyst involved in institutional or corporate security would consider it a good idea to make all wallet addresses public, allowing for tracking,”* Saylor remarked.

He stressed that revealing wallet information permits detailed scrutiny of each future transaction, exposing the company to risks that may not be immediately apparent.

Saylor suggested leveraging artificial intelligence to explore this issue, claiming that AI could generate “50 pages” of security concerns related to the disclosure of addresses.

It’s worth noting that in Q1, Strategy earned $5.8 billion from Bitcoin, while the company’s losses surpassed $4 billion.

On May 19, Strategy was accused of «false or misleading statements» regarding the profitability of its Bitcoin strategy and of downplaying the risks associated with the asset’s volatility.