In a bold move shaking the crypto world, Arkham Intelligence has claimed to have traced over $7.6 billion worth of Bitcoin to Strategy, the rebranded identity of MicroStrategy. This revelation, which links 70,816 BTC to the company, flies directly in the face of co-founder Michael Saylor’s long-held commitment to keeping wallet addresses confidential.
“Saylor said he would never reveal his addresses. So, we did,” Arkham posted bluntly, following their analysis.
The blockchain analytics firm’s assertion contradicts Saylor’s recent public warnings about the dangers of disclosing wallet addresses. Speaking at Bitcoin 2025 in Las Vegas, Saylor had argued that such exposure invites long-term security risks. He warned that even limited transparency could enable AI tools to simulate complex attack scenarios based on behavioral patterns drawn from blockchain activity.
Yet despite Saylor’s caution, Arkham says it has successfully identified the wallets, suggesting that blockchain privacy—particularly for high-profile institutions—is more fragile than assumed.
Bitcoin Holdings Pegged at $54.5 Billion
According to Arkham, the wallets tied to Strategy now bring its publicly identified holdings to an astonishing $54.5 billion—roughly 87.5% of the company’s total Bitcoin reserves. If accurate, this figure further cements Strategy’s position as the largest corporate holder of Bitcoin in the world.
The company’s Bitcoin treasury has long been central to its identity, but these revelations shed new light on just how exposed Strategy might be to blockchain forensics. Despite Bitcoin’s pseudonymous architecture, the linking of addresses to real-world entities remains a persistent risk.
Arkham’s aggressive wallet-labeling techniques have previously sparked controversy. Notably, John Mullin, CEO of Mantra, publicly disputed Arkham’s identification of his company’s wallets, calling their findings inaccurate during a period of heightened scrutiny surrounding the platform’s token collapse.
Saylor’s Privacy Philosophy Challenged
Michael Saylor has been a vocal advocate for Bitcoin, yet equally outspoken about the need for privacy in its usage—particularly at the institutional level. At Bitcoin 2025, he argued that publishing wallet addresses was a security blunder no serious enterprise should make.
“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 added that AI’s role in predictive analytics makes transparency even more dangerous, suggesting that even a minor slip in operational security could give rise to highly detailed and actionable threat models.
Arkham’s announcement, however, suggests that privacy by obscurity is no longer a reliable shield. It underscores the growing sophistication of blockchain surveillance and the blurred line between transparency and exposure in a decentralised ecosystem.
Slowing Bitcoin Buys Amid Market Shifts
Despite the news of its wallet exposure, Strategy has recently slowed its pace of Bitcoin acquisitions. According to a report from K33 Research, the firm’s recent BTC purchases have dipped sharply compared to the buying spree seen in late 2024.
Between May 19 and May 25, Strategy acquired 4,020 BTC for $427.1 million—funded through its ongoing $21 billion at-the-market (ATM) share offering. However, capital deployment from the program has dropped from $1.31 billion in early May to just $348.7 million during the same week, marking a significant cooling-off.
K33’s Head of Research, Vetle Lunde, attributes the slowdown to a shrinking premium on MSTR shares relative to Strategy’s Bitcoin holdings, along with increasing competition from other firms entering the Bitcoin treasury strategy arena.
What’s Next for Strategy?
Despite the privacy concerns and slowed acquisitions, Strategy continues to make bullish long-term projections. Company analyst Jeff Walton recently suggested that Strategy could become the world’s top publicly traded company. According to Walton, the firm’s deep Bitcoin exposure—now bolstered by BTC’s rise above $111,000—offers a structural advantage that no traditional company can match.
As Strategy navigates growing market pressure, privacy debates, and a competitive crypto landscape, its next moves will be closely watched. Whether the Arkham leak alters its operational strategy remains to be seen. But one thing is clear: in the world of blockchain, anonymity is no longer a guarantee.
