Arkham Maps About 78% of Strategy’s 847,700 Bitcoin Holdings
Arkham identified wallets containing 78% of Strategy's 847,700 Bitcoin (BTC), valued at $40.28 billion. Fidelity Custody held another $15.5 billion, with Strategy's total Bitcoin reserve at $71.4 billion. Arkham first labeled most holdings in May 2025, despite Saylor's prior statement against disclosing addresses.
How this was made
The 30-second read
Why it matters
The clarity on wallet ownership may reduce uncertainty but also expose the company to scrutiny over concentration risk.
Market read
New data on a major corporate Bitcoin holder could influence valuation models for MSTR and comparable crypto‑exposed stocks.
What to watch
Potential hedging strategies or off‑balance‑sheet arrangements that may mitigate the apparent exposure.
Background
MicroStrategy has long been known for its large Bitcoin treasury; this is the first detailed mapping of the specific wallets and custodial holdings.
Ticker impact
Arkham identified wallets covering about 78% of MicroStrategy's 847,700 BTC holdings, revealing $40.28B on-chain and $15.5B at Fidelity Custody.
potential downside as the market prices in the large, concentrated Bitcoin exposure
New, material data on a $71B Bitcoin reserve is a primary disclosure; investors typically react to clarified exposure levels.
Market effects
Highlights the scale of corporate Bitcoin holdings, relevant for crypto‑related equities and fintech sector risk assessments.
U.S. market may see modest pressure on crypto‑exposed stocks; broader impact limited.
Adds to ongoing discourse on corporate crypto exposure worldwide.
Counterpoint
The disclosed holdings could be seen as a bullish signal of confidence in Bitcoin, supporting price appreciation.
Key entities
- companyMicroStrategy
Publicly listed business intelligence firm with a $71B Bitcoin reserve.
- research_firmArkham Intelligence
Blockchain analytics company that identified the wallets.
