Arkham Hunts $59B Bitcoin Stash in High-Stakes Reserve Clash

Blockchain sleuths at Arkham uncover a $59B Bitcoin trove—just as institutional players start squabbling over reserves. Who controls the keys? Cue the regulatory scramble.

When ’proof of reserves’ becomes ’proof of lawyers,’ you know crypto’s gone mainstream. The irony? This $59B discovery makes some Fortune 500 balance sheets look like pocket change.

TLDR

• Arkham Intelligence has identified 97 percent of Strategy’s total Bitcoin holdings.
• The platform traced 580,250 BTC valued at approximately 59.92 billion dollars.
• Arkham added 53,833 BTC to its previous findings in its latest update.
• Over 454,000 BTC is held in segregated wallets under Strategy’s direct control.
• An additional 107,000 BTC is stored in Fidelity’s omnibus custody accounts.

Arkham Intelligence has confirmed it identified 97% of Strategy’s total Bitcoin (BTC) holdings across segregated and institutional custody. The platform tracked down wallets controlling 580,250 BTC, valued at nearly $59.92 billion. This development directly counters Michael Saylor’s remarks on the security risks of revealing reserve data.

The identification strengthens transparency around Strategy’s bitcoin positions amid the ongoing proof-of-reserve discussions across the digital asset industry. Arkham added 53,833 BTC to its records, advancing its efforts to track public holdings. Strategy now stands as one of the most heavily verified Bitcoin holders on-chain.

The confirmation also challenges concerns raised around wallet disclosure and digital security vulnerabilities. With greater transparency, Arkham continues working toward public accountability. Strategy’s confirmed holdings now span segregated wallets and institutional custodianship.

Arkham Confirms Strategy’s Bitcoin Wallet Ownership

Arkham stated that over 454,000 BTC belonging to Strategy remains under segregated wallet control. These wallets are visible on Arkham’s platform, which has categorized and verified each address. This segmentation provides clear proof of the majority of Strategy’s Bitcoin reserves.

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

These wallets, attributed directly to Strategy, support Arkham’s aim of establishing transparency within the crypto sector. The findings align with past on-chain data reviewed by blockchain analysts. Arkham emphasized it is the first platform to make these wallets public.

This step allows third parties to verify holdings without requiring access to private keys or internal systems. Strategy’s wallet transparency supports broader calls for public on-chain accountability. Arkham’s explorer now lists the majority of Strategy’s holdings openly and accurately.

Fidelity Custody Holds Additional 107,000 BTC for Strategy

Strategy also stores 107,000 BTC under Fidelity’s omnibus custody arrangement, which Arkham confirmed but does not display. Since omnibus wallets aggregate assets, these addresses cannot be independently verified through Arkham’s public explorer. However, the BTC remains traceable through institutional agreements.

Fidelity’s custody solution remains a widely accepted mechanism for storing large crypto holdings. While this portion remains opaque to external viewers, it complements the segregated addresses Arkham identified. Arkham clarified that these holdings FORM part of Strategy’s complete Bitcoin position.

Arkham’s total tracked amount includes both wallet types, offering a consolidated picture of Strategy’s Bitcoin portfolio. The company now leads with 580,250 BTC held across custodial and non-custodial solutions. This pushes transparency forward while reinforcing institutional trust in Strategy’s reporting structure.

Proof-of-Reserve Debate Intensifies After Saylor’s Comments

Michael Saylor recently argued against the idea of proof-of-reserve, warning it could expose wallets to cyber threats. However, Arkham’s detailed tracing has provided public insight without compromising wallet security. Strategy’s wallet map now directly contradicts the perceived risks of reserve disclosure.

Nate Geraci responded by questioning the reluctance to reveal wallet addresses when others like Bitwise remain open. He stressed that crypto’s foundation lies in transparency, not concealment. The contrast between public data and private hesitation has sparked renewed debate.

While Strategy remains cautious, Arkham’s actions demonstrate that public reserve tracking is feasible and secure. The platform’s findings now stand as a reference point in the proof-of-reserve conversation, setting a new precedent for corporate Bitcoin accountability on the chain.