Arkham Intelligence Slammed After Unveiling Strategy’s Bitcoin Wallets

Blockchain analytics platform Arkham Intelligence has opened a can of worms after unveiling the Bitcoin wallets owned by Strategy (formerly known as MicroStrategy). The firm recently claimed that it has found 97% of Strategy’s BTC wallets, being the first analytics firm to do so

While the move is the kind to boast about, the exposé has been met with different reactions by crypto enthusiasts. Some crypto experts have echoed the move as it is a crucial transparency milestone. However, other experts believe the public revelation of Strategy’s BTC holdings pose a great risk for the crypto market

Arkham Celebrates Revelation of Strategy’s BTC Wallets

On May 28, Arkham Intelligence made a rather interesting exposé. As shared on X, the crypto analytics firm announced that it had made a significant move by identifying wallets holding up to 87% of Strategy’s wallets

“Saylor said he would never reveal his addresses… So we did. We have identified an additional 70,816 BTC belonging to Strategy, bringing our total identified MSTR BTC holdings to $54.5 Billion. We are the first to publicly identify these holdings. This represents 87.5% of total MSTR holdings (including assets in Fidelity Digital’s omnibus custody),” Arkham posted

Subsequently, Arkham Intelligence’s efforts did not end there. In another post on X on May 29, the platform announced that it had found yet another wallet with Strategy BTC holdings. By finding 53,833 BTC ($5.75B), Arkham pushed the total findings of the MSTR BTC holdings to $59.92B — meaning 97% of Strategy’s holdings

BREAKING: WE’VE IDENTIFIED EVEN MORE OF SAYLOR’S BTC – 97% OF ALL HOLDINGS

We have identified an additional 53,833 BTC ($5.75B), bringing our coverage of Saylor’s Bitcoin holdings to $59.92B, almost ALL of his BTC.

We are the first to publicly identify these holdings. pic.twitter.com/uPTxcU9mR2

— Arkham (@arkham) May 29, 2025

Following the exposé, the firm went ahead to celebrate a crucial milestone. Arkham sees the move as a big step towards ensuring transparency for the world’s first and largest Bitcoin Treasury Company

“Today’s announcement brings us one step closer to a free & public proof of reserves for all of Strategy’s BTC.” Arkham celebrated. The firm also confirmed that Strategy’s BTC holdings data was available to the general public in real-time and can be accessed on the Arkham platform

Saylor’s Strong Stance Against Publicization of Strategy’s BTC Wallets

Michael Saylor, the executive chairman of Strategy, has always had a strong stance against publicizing the wallets containing the BTC holdings of Strategy. Speaking at the Bitcoin 2025 event in Las Vegas on May 26, he offered a detailed response against putting Strategy’s proof of reserves (PoR) public

“The current conventional way to publish proof-of-reserves is an insecure proof-of-reserves. It actually dilutes the security of the issuer, the custodians, the exchanges and the investors,” Saylor remarked

He further added that the idea of putting Strategy’s BTC wallets is a bad idea. “It is like publishing the address, bank accounts and phone numbers of your kids and thinking that somehow it makes your family better,” He idealized

However, Arkham Intelligence went ahead and did it despite the potential risks associated with the move!

Experts Divided Over the Arkham Intelligence Move

By making the BTC wallets owned by Strategy public, Arkham Intelligence aims to ensure free & public proof of reserves of the Strategy BTC holdings. In fact, several experts have echoed Arkham Intelligence for taking a step towards ensuring Strategy is transparent in its BTC reserve

“For people asking why would Arkham do this…Do you know that companies lie to get fame and money? If you boast about buying 60 billion worth of bitcoin… show the receipts,” crypto investor “The Modern Investor” wrote on X

However, other experts are not in agreement. Notable experts have slammed Arkham Intelligence claiming that exposing the BTC wallets of Strategy is a dangerous breach of privacy. Other experts argue that the move could cause a market crash even under slight misinterpretation of Strategy selling-off its BTC stash

“If they ever move that BTC from the wallets, expect a market collapse. We just discovered a new point of failure,” Markus, a crypto nomad, claimed Another memecoin investor pseudonymously known as “MadPunk” seconded Markus.

“You thinking you’re doing something great cool work after doxxing his secret wallets, if he ever tried to sell a bitcoin. The whole market will crash,” he posted

While Arkham Intelligence celebrates the move as a major achievement towards transparency, its actions have opened a new can of worms. Strategy even stand at a chance of being targeted by malicious actors now that its BTC wallets are out there in the public. Strategy commands a huge amount of Bitcoin with 580,250 BTC holdings as at press time — this is nearly 3% of the total BTC supply