Arkham Tracks 78% of Strategy Inc.'s $55.78 Billion in Bitcoin Holdings

Arkham Intelligence has updated its tracking of Strategy Inc.'s (Nasdaq: MSTR) Bitcoin holdings, revealing that it now tracks approximately 78% of the company's 847,666 BTC. According to Arkham, this represents $55.78 billion in assets, with $40.28 billion held in labeled wallets and an additional $15.5 billion attributed to Fidelity Custody.

In May 2025, Arkham first identified 97% of Strategy's BTC holdings, but Saylor, the company's executive chairman, has opposed publicly disclosing its Bitcoin wallet addresses. However, Arkham continues to track the company's assets and provides a dashboard displaying balances and addresses associated with Strategy.

The tracking combines addresses associated with Strategy and assets attributed to Fidelity Custody, which holds digital assets for customers. This structure separates customer ownership from individual addresses used to hold coins. In September, trackers flagged thousands of Bitcoin leaving Strategy-labeled addresses, but Arkham analyst Emmett Gallic attributed the movements to normal Fidelity custody operations.

Strategy acquired 1,665 BTC between Sept. 21 and Sept. 27 for $142.7 million, lifting its reported treasury balance. Its average purchase price was $85,681 per Bitcoin, including fees and expenses. The company's holdings reached 847,666 BTC acquired for approximately $63.95 billion at an average cost of $75,437 per coin.