Key Takeaways
- Michael Saylor rejected on-chain proof-of-reserves at Bitcoin 2025.
- He cited liability and security concerns, warning of attack vectors.
- Strategy has not published wallet data despite holding over 580,000 BTC.
At the Bitcoin 2025 conference in Las Vegas, Strategy Chairman Michael Saylor stated that the company will likely avoid using on-chain proof-of-reserves (PoR) for its massive Bitcoin holdings, citing it as a security liability.
Security concerns & risks
Saylor, whose firm holds over 580,000 BTC, addressed the issue in response to a question from Blockware analyst Mitchell Askew.
Rather than confirming or denying any future plans for PoR, Saylor warned that such disclosures create risks.
Saylor said:
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.
Limitations of proof-of-reserves
He added that PoR doesn’t provide a full view of a company’s financial health, noting that it doesn’t account for liabilities or operational risk.
Community backlash
The statement was met with immediate backlash from parts of the Bitcoin community.
Analyst Pledditor called the remarks “a giant red flag,” arguing that PoR “does NOT compromise the security of your coins” and suggesting that Saylor may either be misinformed or withholding something.
Industry trends
PoR practices have become more common since the 2022 collapse of FTX, with major platforms like Binance and ETF providers like Bitwise publishing wallet addresses for transparency.
Despite this trend, Strategy has not done the same—though Arkham Intelligence claims to have located most of its on-chain holdings.
