Arkham Tracks 78% of Strategy’s 847,666 Bitcoin Holdings
Strategy now owns 847,666 Bitcoin, making it the largest corporate Bitcoin holder in the world. But one question continues to come up among MSTR investors: can Strategy’s Bitcoin actually be verified?
Blockchain analytics firm Arkham Intelligence says it can track approximately 78% of Strategy’s total Bitcoin holdings.
Arkham Tracks Strategy’s Bitcoin
According to Arkham, it has identified approximately $40.28 billion worth of Bitcoin held across Strategy-linked wallets.
Arkham also attributes another $15.5 billion of Bitcoin to Strategy through Fidelity Custody.
Combined, Arkham says it can track approximately $55.8 billion worth of Strategy’s Bitcoin, representing roughly 78% of the company’s reported holdings.
Arkham has identified approximately 478,199 BTC across around 1,600 addresses as directly associated with Strategy.
The additional Bitcoin attributed through Fidelity is more difficult to identify at the individual wallet level because institutional custodians can hold assets for multiple customers within pooled custody structures.
Why Strategy Doesn’t Publish Its Bitcoin Addresses
Strategy does not provide investors with a complete public list of its Bitcoin wallet addresses.
Michael Saylor has previously argued that publicly disclosing Bitcoin addresses could create unnecessary security risks.
That means blockchain analytics companies such as Arkham must analyze on-chain transactions and other information to determine which addresses are associated with Strategy.
This is also why movements from Strategy-linked wallets should not automatically be interpreted as Bitcoin sales.
Arkham recently observed thousands of Bitcoin moving from addresses associated with Strategy but attributed the transactions to normal activity involving Fidelity Custody rather than Strategy selling its BTC.
Can Strategy’s Bitcoin Be Verified?
Stratedy does openly disclose its Bitcoin custody partners in every quarterly SEC filing aka 10-Q report. In its most recent Q2 2026 quarterly filing, Strategy disclosed 3 BTC custody partners: Fidelity, Coinbase, and Anchorage.
Arkham’s findings provide additional transparency into Strategy’s Bitcoin reserves, but there is an important distinction between tracking wallets and cryptographically proving ownership.
Arkham says it can identify or attribute approximately 78% of Strategy’s Bitcoin holdings through Strategy-linked wallets and Fidelity Custody.
