Arkham Intelligence uncovers 87.5% of Strategy’s Bitcoin holdings, worth $54.5B, revealing wallets despite privacy efforts.
Arkham Intelligence has identified wallets containing Strategy Bitcoin holdings amid the ongoing proof-of-reserve debate initiated by Michael Saylor’s recent remarks. The on-chain analytics platform disclosed that it has identified 97% of the company’s 580,250 BTC cache.
Arkham Identifies Strategy’s Bitcoin Holdings
Arkham Intelligence has announced in an X post that they have identified an additional 53,833 BTC ($5.75 billion), bringing the platform’s coverage of Strategy and Saylor’s holdings to $59.92 billion. This figure accounts for 97% of the company’s total holdings. The platform acknowledged that it had become the first to identify these BTC holdings publicly.
Arkham has identified an additional 70,816 BTC belonging to Saylor’s company, bringing the total identified holdings to $54.5 billion, as reported yesterday.
The platform announced that the most recent advancement brings them closer to a public and free proof of reserves for all of Strategy’s Bitcoin holdings. Arkham’s explorer indicates that the organization maintains more than 454,000 BTC in segregated possession. In the interim, approximately 107,000 BTC are in the custody of Fidelity’s omnibus and, as a result, are not displayed on the explorer.
This revelation was made mere days after Michael Saylor declared that proof-of-reserve is an unwise strategy. Further, he raised security concerns, stating that the doxxing of these wallets could result in vulnerabilities and a potential cyberattack.
Nate Geraci, the president of the ETF Store, commented on this perspective from Saylor in an X post. He stated that Strategy should be at ease with disclosing its wallet addresses if asset manager Bitwise is at ease. He further stated that transparency, rather than “obfuscation,” is a fundamental aspect of Bitcoin and crypto in general.
The Bitwise executive provides his perspective on the proof-reserve debate
Bitwise’s co-founder, Hong Kim, addressed Saylor’s assertion regarding the necessity of a proof-of-reserve for Strategy’s holdings in an X post. Kim asserted that Bitcoin can successfully coexist with public auditability and private ownership. Kim stated that his organization will persist in advocating for this distinctive characteristic of Bitcoin.
The co-founder of Bitwise clarified that publishing addresses is not a “panacea.” Nevertheless, he observed that auditors are necessary for liability attestation. Kim further stated that they must be aware of operational business privacy concerns.
He, however, maintains that the bias should favor Bitcoin ETFs publishing their addresses. Kim explained that this is because these public investment vehicles already have their information, like custodians, daily inflows, and outflows, publicly available. The co-founder observed that this fosters public trust in the network and these products.
