Arkham, Saylor, and the Phantom Ledger: The Web3 Revelation That Institutional Bitcoin Fears Most

In May 2025, Arkham Intelligence—known as the "Chain’s Interpol" for its aggressive de-anonymization campaigns—unveiled a trove of Bitcoin holdings attributed to MicroStrategy. The entity, long heralded as the high altar of corporate Bitcoin maximalism, was found to possess over 70,816 BTC beyond previously disclosed amounts, bringing its publicly identifiable holdings to $54.5 billion, or 87.5% of the firm’s total assets.

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