Arkham Says It Tracks 78% of Strategy's 847,666 Bitcoin Holdings

Arkham Identifies $55.78 Billion Across Wallets and Custody

Investors can inspect a substantial portion of Strategy’s bitcoin treasury through publicly labeled addresses and custody tracking, according to Arkham Intelligence. The blockchain analytics company shared updated figures on X on Oct. 1 for Strategy Inc. (Nasdaq: MSTR), a bitcoin treasury company. Michael Saylor, Strategy’s executive chairman, has opposed publicly disclosing its bitcoin wallet addresses.

Arkham wrote on X:

“Saylor said he would never reveal his bitcoin addresses. In May 2025 we identified 97% of Strategy’s BTC. We were the first to publicly identify them. Strategy’s labelled wallets now hold $40.28B of bitcoin on-chain, with another $15.5B tagged in Fidelity Custody. That is ~78% of Strategy’s $71.4B BTC today.”

The accompanying dashboard displays the balances and addresses Arkham associates with Strategy, providing a closer view of the labeled-wallet component. Its Strategy wallet profile displayed approximately 478,199 BTC across about 1,600 addresses, with bitcoin priced at $84,238 in that snapshot. The quoted dollar values reflect the market snapshot used for Arkham’s post.

Wallet Tracking Meets Fidelity’s Pooled Custody

Arkham’s tracking combines addresses associated with Strategy and assets attributed to Fidelity Custody, which holds digital assets for customers. The analytics firm identified Strategy-linked wallets in May 2025, including bitcoin attributed to Fidelity’s pooled custody, where customer assets are held together. This structure separates the customer’s ownership from the individual addresses used to hold the coins.

The custody distinction became relevant again when trackers flagged thousands of bitcoin leaving Strategy-labeled addresses shortly before the latest update. Following 3,568 BTC in flagged transfers reported Sept. 29, Arkham analyst Emmett Gallic attributed the movements to normal Fidelity custody operations. He explained that Fidelity treats customer bitcoin deposits as interchangeable and moves funds as needed.

Public blockchain records expose transaction amounts, addresses, and movement histories, while connecting those addresses to companies requires a separate attribution process. Bitcoin transactions can be checked publicly using transaction identifiers or addresses in a block explorer. Within pooled custody, an address movement can reflect the custodian’s operations while the customer’s ownership remains unchanged.

Strategy Holds 847,666 BTC After Its Latest Purchase

Strategy’s reported bitcoin balance provides the total holdings against which Arkham’s tracking estimate can be compared. The company acquired 1,665 BTC between Sept. 21 and Sept. 27 for $142.7 million, according to its Sept. 28 disclosure. Its average purchase price was $85,681 per bitcoin, including fees and expenses.

That purchase lifted the company’s reported treasury balance while its financing activity also supported repurchases of preferred stock, shares that receive priority over common stock for dividend payments. Strategy’s holdings reached 847,666 BTC acquired for approximately $63.95 billion at an average cost of $75,437 per coin. Those holdings equal about 4.04% of bitcoin’s maximum supply of 21 million coins.

During the same week, Strategy divided proceeds from common stock sales between bitcoin purchases and securities repurchases. It raised $246.2 million in net proceeds, allocating $142.7 million to bitcoin and $103.5 million to STRC preferred stock repurchases. An additional $48.1 million in existing cash brought its STRC repurchase spending to $151.7 million.