- Arkham’s Strategy-labeled wallet profile showed approximately 478,199 BTC across about 1,600 addresses, valued at $40.28 billion at a bitcoin price of $84,238.
- Strategy reported total holdings of 847,666 BTC after purchasing 1,665 BTC for $142.7 million between Sept. 21 and Sept. 27.
- Arkham analyst Emmett Gallic said 3,568 BTC moved from Strategy-labeled addresses reflected normal Fidelity custody operations rather than a change in customer ownership.
Arkham Tracks Strategy-Linked Bitcoin Wallets
Arkham Intelligence’s dashboard provided a detailed view of the addresses and balances it associates with Strategy. The Strategy wallet profile displayed approximately 478,199 BTC across about 1,600 addresses. At the time of the snapshot, bitcoin was priced at $84,238, placing the tracked holdings at approximately $40.28 billion.
The dashboard also showed balance history and tracked transfers linked to the labeled wallets. The dollar value reflects the market price used in Arkham’s snapshot and does not represent a separate valuation issued by Strategy. Wallet labeling is based on Arkham’s address-attribution process rather than on a single publicly identified company wallet.
Fidelity’s Pooled Custody Complicates Wallet Attribution
Arkham’s tracking includes addresses associated with Strategy and digital assets attributed to Fidelity Custody, which holds cryptocurrency for customers. The analytics firm identified Strategy-linked wallets in May 2025, including bitcoin held through Fidelity’s pooled custody structure.
Under pooled custody, customer assets are held together rather than assigned to individually identifiable addresses for each customer. As a result, the company’s ownership of bitcoin can remain unchanged even when coins move between addresses used in the custodian’s operations.
The distinction became relevant after trackers flagged thousands of bitcoin leaving Strategy-labeled addresses shortly before Arkham’s latest update. Following reports of 3,568 BTC in flagged transfers on Sept. 29, Arkham analyst Emmett Gallic attributed the movements to normal Fidelity custody activity. He explained that Fidelity treats customer bitcoin deposits as interchangeable and moves funds as needed.
Public blockchain records make transaction amounts, addresses and movement histories visible. However, linking those addresses to a company requires a separate attribution process. Transactions can be reviewed through transaction identifiers or wallet addresses in a block explorer, but activity involving pooled custody may reflect the custodian’s internal transfers rather than a change in the underlying customer’s ownership.
Strategy Reports 847,666 BTC After Latest Purchase
Strategy’s own reported bitcoin balance provides the company’s total holdings against which Arkham’s wallet-tracking estimate can be compared. In a Sept. 28 disclosure, Strategy said it acquired 1,665 BTC between Sept. 21 and Sept. 27 for $142.7 million. The average purchase price was $85,681 per bitcoin, including fees and expenses.
The acquisition raised Strategy’s reported bitcoin treasury to 847,666 BTC. The company said those holdings were acquired for approximately $63.95 billion at an average cost of $75,437 per coin. Based on bitcoin’s maximum supply of 21 million coins, Strategy’s holdings represented about 4.04% of the potential total supply.
Strategy also used financing proceeds during the same week to repurchase preferred stock. Preferred stock receives priority over common stock for dividend payments. The company raised $246.2 million in net proceeds from common stock sales, directing $142.7 million toward bitcoin purchases and $103.5 million toward STRC preferred stock repurchases.
Strategy used an additional $48.1 million in existing cash for STRC repurchases, bringing total spending on those buybacks to $151.7 million. The combination of continued bitcoin purchases, preferred-stock repurchases and custody-related wallet movements highlights why publicly visible blockchain balances may not match a company’s formally reported treasury total.
Why This Matters
The difference between Arkham’s approximately 478,199 BTC in Strategy-labeled wallets and Strategy’s reported 847,666 BTC holdings illustrates the limits of blockchain attribution. A company’s publicly disclosed treasury figure reflects its reported ownership, while wallet analytics depend on identifying addresses and accounting for assets held through custodians such as Fidelity.
Fidelity’s pooled custody model means that bitcoin transfers involving labeled addresses cannot automatically be interpreted as purchases, sales or changes in Strategy’s ownership. Investors and blockchain observers must therefore compare address-level tracking with corporate disclosures and consider whether custodial movements are operational transfers.
Frequently Asked Questions
How much bitcoin did Arkham associate with Strategy?
Arkham’s Strategy wallet profile displayed approximately 478,199 BTC across about 1,600 addresses. The holdings were valued at approximately $40.28 billion using a bitcoin price of $84,238 in the dashboard snapshot.
How much bitcoin did Strategy report holding?
Strategy reported holdings of 847,666 BTC after purchasing 1,665 BTC between Sept. 21 and Sept. 27 for $142.7 million.
Why can Arkham’s wallet estimate differ from Strategy’s reported balance?
Arkham’s figure is based on addresses it associates with Strategy, including bitcoin linked to Fidelity’s pooled custody. Because pooled custody combines customer assets and may involve operational transfers between addresses, wallet movements and labeled balances may not directly represent changes in Strategy’s ownership.