Still, blockchain analytics firm Arkham Intelligence claims it has tracked down on-chain addresses linked to nearly all of Strategy’s Bitcoin trove.
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Strategy’s Michael Saylor rejects on-chain Proof-of-Reserves due to ‘liability’
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Arkham Intelligence reported in January 2025 that it had identified 96% of Strategy’s Bitcoin wallet addresses and published them, although Strategy did not confirm ownership and approximately 4% of its BTC remains unaccounted for in that analysis
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