MicroStrategy is now on Arkham

February 16, 2024

We believe we have identified 98% of Microstrategy’s on-chain holdings, totaling 186K BTC. Arkham is the first to publicly identify these addresses. 107K appears to be held with Fidelity pooled with other clients’ BTC, hence is included in our Fidelity Custody entity. The remaining 79K, held in segregated custody including Coinbase Prime, is in our new Microstrategy entity.

Fidelity Custody uses an omnibus custody model that mixes client funds together. Major clients include Microstrategy and the Fidelity FBTC ETF. The Fidelity Custody entity can be found here.