In a startling revelation that has sent ripples through the cryptocurrency world, blockchain analysis firm Arkham Intelligence has announced the discovery of Bitcoin wallet addresses allegedly linked to Strategy. This revelation could potentially disclose billions in Bitcoin holdings that were previously under wraps. This announcement, made on May 29, 2025, claims the identification of 70,816 BTC associated with Strategy, the company formerly known as MicroStrategy, with a current market value hovering around $7.6 billion.
Unveiling the Mystery
Arkham’s latest findings have brought the total identified Bitcoin holdings of Strategy to an impressive $54.5 billion. If these numbers hold water, Arkham will have illuminated over 87% of Strategy’s elusive Bitcoin stash. Arkham cheekily commented, “Saylor said he would never reveal his addresses. So, we did,” referencing Michael Saylor, Strategy’s co-founder and executive chairman, renowned for his steadfast commitment to privacy. This follows a pattern of institutional adoption, which we detailed in Strategy’s $84B Bitcoin Expansion Plan Backed by Wall Street Analysts.
However, the community is divided. While some view this as a breakthrough in blockchain transparency, others raise eyebrows at the ethics and accuracy of such a disclosure. Cointelegraph attempted to reach out to both Arkham and Strategy for their take on the matter, but neither party has been forthcoming with a response as of publication time.
The Security Conundrum
Michael Saylor has been vocal about the perils of making wallet addresses public. At the recent Bitcoin 2025 conference in Las Vegas, he highlighted the potential dangers, stating, “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’s concerns aren’t unfounded. Public disclosure of wallet addresses could expose corporations to unforeseen risks, allowing each transactional movement to be scrutinized. To underscore his point, Saylor speculated that an AI tasked with evaluating the security implications of such transparency might generate “50 pages” of potential security vulnerabilities.
Historical Context and Skepticism
Arkham’s revelations come amid a backdrop of skepticism concerning the accuracy of blockchain wallet claims. The firm has previously faced accusations of mislabeling wallets, notably during the Mantra token collapse, when Mantra CEO John Mullen accused Arkham of erroneously identifying insider wallets.
While blockchain data is inherently public, the interpretation and attribution of this data often reside in a gray area. The crypto community remains cautious, aware that past errors in wallet identification can have significant repercussions.
Broader Implications for the Crypto World
This episode raises broader questions about privacy, security, and transparency in the crypto arena. As major players like Strategy navigate these waters, the balance between discretion and openness becomes increasingly precarious. With Bitcoin’s value and adoption continuing their upward trajectory, the stakes are higher than ever. For a deeper dive into Strategy’s financial maneuvers, see Strategy Raising Another $21B to Buy Bitcoin, Posts Large Q1 Loss on BTC Price Decline.
Looking forward, the community is left pondering—how will this revelation impact Strategy’s strategy (pun intended) and its standing in the crypto world? Moreover, as blockchain analytics evolve, will there be a push for more stringent privacy protocols, or will transparency reign supreme?
In the ever-evolving dance between privacy and transparency, one thing is certain: the crypto world is watching, waiting to see the next move on this complex chessboard.
Source
This article is based on: Arkham claims to have found 87% of Strategy’s Bitcoin
Further Reading
Deepen your understanding with these related articles:
- Metaplanet to open US arm, plans to raise $250M for Bitcoin strategy
- Metaplanet Registers U.S. Treasury Arm to Grow Its Bitcoin Reserve Strategy
- Metaplanet Issues $25M Bonds to Buy More Bitcoin
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
