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Arkham Intelligence’s wallet analysis has ignited debate after linking hidden Bitcoin wallets to Strategy (formerly MicroStrategy).
The blockchain analytics firm claims to have identified 70,816 BTC linked to Strategy. These wallets, previously undisclosed, are now believed to hold around $7.6 billion in Bitcoin. This discovery comes in direct contrast to Strategy co-founder Michael Saylor’s firm stance on maintaining privacy over wallet addresses.
In total, Arkham Intelligence wallet analysis suggests Strategy controls $54.5 billion in Bitcoin. This figure represents 87.5% of the company’s total known BTC holdings. While Strategy has not officially confirmed these addresses, Arkham stands by its assessment and has publicly posted the findings.
Saylor’s Views and Institutional Risks
At the Bitcoin 2025 conference, Michael Saylor warned against publishing wallet addresses. He emphasized that disclosing such sensitive information can lead to major risks. Saylor explained how public wallet visibility could expose enterprises to future scrutiny and unforeseen threats.
“Publishing wallet addresses is not a good idea,” he said, underscoring that no serious enterprise security analyst would recommend it. He even pointed out that if you used AI to analyze the dangers, it could return “50 pages” of threats related to transparency.
Despite these warnings, Arkham Intelligence’s wallet analysis pushed forward. Their move directly challenges the conventional security logic in the institutional crypto space. The firm’s post boldly stated, “Saylor said he would never reveal his addresses. So, we did.”
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Historical Accuracy Under Scrutiny
Arkham’s track record has come under fire in the past. During the Mantra token crisis, the firm was accused of mislabeling wallets. John Mullin, CEO of Mantra, denied Arkham’s allegations that insiders dumped tokens, claiming the company identified the wrong addresses.
This backdrop adds a layer of skepticism to the current claims. Critics argue that while blockchain is transparent, wallet attribution can often rely on educated guesswork. With billions of dollars at stake, misidentifying ownership could have serious reputational consequences.
Arkham Intelligence wallet analysis sparks industry-wide discussion
The crypto community is split. Some view Arkham’s findings as a breakthrough in blockchain transparency. Others see it as a reckless breach of financial privacy. Regardless, the data could shift how companies think about wallet visibility and privacy moving forward.
As of now, Strategy and Arkham have not officially responded to media inquiries. Whether this analysis proves accurate or not, it places wallet anonymity back into the spotlight—especially in institutional settings.
