Arkham says it has linked approximately 78% of Strategy’s reported Bitcoin reserves to observable on-chain addresses. Based on a $71.4 billion reserve valuation disclosed in Strategy’s SEC filings, the estimate covers roughly $55.7 billion, leaving about $15.7 billion outside Arkham’s labeled address set. The figure is an analytics estimate rather than an independent reserve audit, and may change as new wallet signals emerge. Strategy previously reported holding 847,666 Bitcoin as of September 27, 2026, acquired at an average price of $75,437 per coin for approximately $63.945 billion. Arkham first labeled most of the position in May 2025, while Strategy has not disclosed all associated addresses.