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How did Arkham Intelligence trace an estimated 78% of Strategy’s bitcoin holdings despite Michael Saylor’s refusal to disclose its wallet addresses, what do its findings show about Strategy linked wallets and Fidelity’s pooled custody—including the recent 3,568 bitcoin transfer t
Arkham did not need Michael Saylor to publish Strategy’s addresses: it attributed addresses and traced transactions on Bitcoin’s public ledger. But its estimate that it can track about 78% of Strategy’s bitcoin is not the same as proving which coins in a pooled custodian wallet belong to Strategy.
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Key takeaways
- Arkham did not need Michael Saylor to publish Strategy’s addresses: it attributed addresses and traced transactions on Bitcoin’s public ledger.
- But its estimate that it can track about 78% of Strategy’s bitcoin is not the same as proving which coins in a pooled custodian wallet belong to Strategy.
- [16][2] What Arkham found: In its October 1 update, Arkham put $40.28 billion in Strategy labeled wallets and another $15.5 billion tagged within Fidelity Custody—$55.78 billion, or roughly 78% of the approximately $71.4 billion it valued S
- Reporting on its wallet data identified about 1,600 Strategy linked addresses holding 478,199 BTC.
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Arkham did not need Michael Saylor to publish Strategy’s addresses: it attributed addresses and traced transactions on Bitcoin’s public ledger. But its estimate that it can track about 78% of Strategy’s bitcoin is not the same as proving which coins in a pooled custodian wallet belong to Strategy. 16
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- What Arkham found: In its October 1 update, Arkham put $40.28 billion in Strategy-labeled wallets and another $15.5 billion tagged within Fidelity Custody—$55.78 billion, or roughly 78% of the approximately $71.4 billion it valued Strategy’s holdings at. Reporting on its wallet data identified about 1,600 Strategy-linked addresses holding 478,199 BTC. The Fidelity-tagged amount is a custody attribution, not a set of exclusively Strategy-owned addresses.
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- Why the transfer looked alarming: Trackers saw 3,568 BTC, then worth about $297 million, leave Strategy-labeled wallets in a series of transfers. Arkham’s analyst said the coins were being rearranged within Fidelity’s custody system, not sold; Strategy had not publicly confirmed that particular transfer. A wallet’s outbound transaction, by itself, therefore did not establish a sale.
- What Strategy reported: As of September 27, it held 847,666 BTC, acquired for about $63.95 billion. During September 21–27 it bought 1,665 BTC for $142.7 million, while selling 1,469,165 common shares for $246.2 million in net proceeds. It allocated $142.7 million of those proceeds to bitcoin and $103.5 million to STRC preferred-stock repurchases; its total STRC buyback for the period was about $151.7 million, with the remainder funded from cash.
Together, those figures show a treasury strategy of raising equity capital to keep accumulating bitcoin while also managing its preferred-stock financing. They also mark the transparency boundary: filings report the company’s aggregate holdings and funding decisions, whereas blockchain analysis can follow transactions but cannot, on its own, reveal Fidelity’s internal allocation of pooled coins or prove the business purpose of every transfer. 7
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What is the short answer to "How did Arkham Intelligence trace an estimated 78% of Strategy’s bitcoin holdings despite Michael Saylor’s refusal to disclose its wallet addresses, what do its findings show about Strategy linked wallets and Fidelity’s pooled custody—including the recent 3,568 bitcoin transfer t"?
Arkham did not need Michael Saylor to publish Strategy’s addresses: it attributed addresses and traced transactions on Bitcoin’s public ledger.
What are the key points to validate first?
Arkham did not need Michael Saylor to publish Strategy’s addresses: it attributed addresses and traced transactions on Bitcoin’s public ledger. But its estimate that it can track about 78% of Strategy’s bitcoin is not the same as proving which coins in a pooled custodian wallet belong to Strategy.
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[16][2] What Arkham found: In its October 1 update, Arkham put $40.28 billion in Strategy labeled wallets and another $15.5 billion tagged within Fidelity Custody—$55.78 billion, or roughly 78% of the approximately $71.4 billion it valued S