Strategy, formerly known as MicroStrategy, is unlikely to adopt on-chain proof-of-reserves (PoR) disclosure for its substantial Bitcoin holdings.
At the Bitcoin 2025 conference in Las Vegas, the company chairman, Michael Saylor, dismissed the practice as a potential security threat, saying it exposes firms and users to unnecessary risks.
Saylor made the comments while responding to Blockware analyst Mitchell Askew, who asked whether the world’s largest corporate holder of Bitcoin would consider publicly sharing its wallet data.
Rather than confirm or deny such plans, Saylor argued that revealing on-chain reserves creates attack vectors for malicious actors.
According to him:
“If you publish your wallets, that’s an attack vector for hackers, nationstate actors, every type of troll imaginable. It creates so much liability you should think twice before you ever do it.”
Saylor also pointed out that PoR doesn’t offer a complete picture of a company’s financial health.
The Bitcoin bull acknowledged that while the initiative can confirm a firm’s asset holdings, it doesn’t account for liabilities or operational risks, which could potentially mislead observers about a firm’s financial health.
Community slams Saylor’s statement
His remarks sparked immediate backlash from parts of the crypto community.
Pseudonymous analyst Pledditor called the comments “a giant red flag,” arguing that while privacy concerns are valid, PoR doesn’t necessarily compromise asset security.
The analyst said:
“[PoR] does NOT compromise the security of your coins. Saylor either has something to hide, or he’s completely ignorant about how Bitcoin works.”
Over the past years, PoR initiatives have gained mainstream adoption following the shocking collapse of FTX in 2022.
Since then, several crypto exchanges, including Binance, have published regular PoR to regain user trust. In fact, Bitcoin spot ETF providers like Bitwise have also publicly listed wallet addresses tied to their products to support real-time verification.
Market observers said these moves align with the core ethical principles of transparency within the BTC ecosystem.
However, despite holding over 580,000 BTC, Strategy has not followed suit.
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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