On Wednesday, during the buzz of the ongoing Bitcoin 2025 conference in Las Vegas, blockchain analytics firm Arkham Intelligence hopped on X to share a bold claim: it has tracked down 87.5% of Strategy’s (formerly Microstrategy) bitcoin holdings—including those tucked away in Fidelity Digital’s omnibus custody.

“We have identified an additional 70,816 BTC belonging to Strategy, bringing our total identified MSTR BTC holdings to $54.5 Billion. We are the first to publicly identify these holdings,” Arkham stated. “This represents 87.5% of total MSTR holdings (including assets in Fidelity Digital’s omnibus custody),” the company added.

According to Arkham’s findings, 400,398 BTC has been traced from the 580,250 BTC Strategy publicly reported owning as of May 19. Arkham pointed out that 107,000 BTC is held with Fidelity, which, it noted, operates with non-segregated custody. Roughly 327,000 BTC is said to be stored in segregated accounts—Coinbase Prime among them, the firm added.

Five days ago, blockchain data revealed that Coinbase Prime’s hot wallet was actively funneling funds into Strategy’s bitcoin cache. Each destination address first received a small test transfer of 0.0001 BTC before larger amounts followed. A visual map of Strategy’s holdings highlights its top counterparties: Coinbase Prime, Anchorage Digital, and Fidelity Digital Assets. Arkham’s data shows that the 400,398 BTC identified so far is spread across 491 unique wallet addresses.

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