Strategy\u2019s Michael Saylor pushed back against calls from analysts to reveal wallet addresses, warning that publicizing Bitcoin moves could roil the market.<\/p>\n
Michael Saylor, executive chairman of Strategy<\/a>, the largest Bitcoin<\/a> treasury company holding $72 billion worth of BTC, stopped short of committing to on-chain proof of its reserves during the company\u2019s Q2 2025 earnings call, despite direct questions from analysts.<\/p>\n Asked whether proof of reserves would make sense for the company, Saylor said Strategy is \u201cstudying it\u201d but argued the practice could pose operational and security risks.<\/p>\n He pointed to Galaxy Digital\u2019s recent facilitation<\/a> of an 80,000 BTC sale as a warning, claiming it caused \u201ca massive dislocation in the market\u201d and sparked speculation over routine transactions.<\/p>\n \u201c[…] we just had a famous example of a concern, which is 80,000 Bitcoin got transferred to Galaxy, who then sold them, and everybody in the world knew that the Bitcoin was moving and they knew where it went to and they knew who was dealing with it and they knew when it happened and it created a massive dislocation in the market […],\u201d Saylor said.<\/p>\n Saylor\u2019s statement contrasts with market coverage<\/a> of the sale \u2014 executed for a \u201cSatoshi-era\u201d investor \u2014 which was absorbed with minimal lasting price impact. Amid that transaction, the price of Bitcoin (BTC<\/a>) momentarily dropped from around $119,000 to nearly $115,000 but then retraced back to $118,000.<\/p>\n The Strategy founder also suggested that trust in auditors, management, and the board offers \u201ca much higher degree of transparency in the capital markets than simply publishing a single wallet address.\u201d He added that any approach to proof of reserves must avoid triggering market swings or exposing the firm to security risks, without elaborating on the matter.<\/p>\nPreference for Audits<\/h2>\n