Arkham Intelligence, the blockchain analysis platform, claimed to have “identified 98%” of MicroStrategy holding approximately 186,000 Bitcoin (BTC) in its total wallet of 190,000 BTC.

In a statement made on February 16, Arkham stated that it had added business intelligence company MicroStrategy to its public cryptocurrency wallet database. Approximately 107,000 BTC of MicroStrategy's crypto assets are "held aggregated with other clients' BTC at Fidelity" and 79,000 BTC "are held segregated, including Coinbase Prime," according to the firm's statement.

Arkham's research accounted for the vast majority of MicroStrategy's Bitcoin holdings—approximately $9.7 billion at a BTC price of $52,000 at press time. The firm showed that wallets at Fidelity Custody held more than 174,000 BTC and there were transactions from Coinbase, Foundry USA, and Gemini. It is unclear where the other 4,000 BTC that MicroStrategy controls are held.

MicroStrategy Chairman Michael Saylor announced on February 7 that the company purchased 850 BTC in January, bringing its total Bitcoin holdings to 190,000. The company began purchasing Bitcoin in August 2020, announcing the purchase of $250 million in cryptocurrency as part of its move to adopt BTC as a reserve asset.

Arkham, which aims to "anonymize" the blockchain, has previously offered rewards to crypto detectives who can provide information leading to identifying the wallets of famous people such as Terra co-founder Do Kwon. Following the U.S. Securities and Exchange Commission (SEC) approval of spot BTC exchange-traded products in January, Arkham established on-chain positions of ETFs from BlackRock, Bitwise, Fidelity, and Franklin Templeton.

Many crypto users have criticized Arkham's approach to making wallet addresses and owners public, calling the firm a "whistleblower-win" service. Some wallet holders have come under attack from online sleuths who can determine their physical address and other identifying information.