Ah, the illustrious Strategy, a corporate titan in the Bitcoin realm, yet shrouded in a veil of mystery thicker than a Russian novel. Our dear Chairman, Michael Saylor, has chosen to keep his Bitcoin addresses as secretive as a magician’s best tricks. One might wonder, does he really possess the treasure trove of 580,250 bitcoins he claims? Or is it merely a mirage in the desert of digital currency? On the fateful day of May 26, 2025, Saylor took to the stage, or rather, the digital ether, to elucidate his reasons for this cloak-and-dagger approach.
After a recent splurge of $427 million on more bitcoins, one would think Saylor would be eager to flaunt his holdings. Yet, he remains steadfast, suggesting that the act of revealing addresses is akin to inviting a swarm of locusts to a picnic. Skeptics, with their magnifying glasses and conspiracy theories, have been clamoring for transparency, but alas, Saylor has chosen the path of silence, taking a leisurely eight minutes to explain his reticence.
Are Strategy’s addresses already a well-kept secret?
In a plot twist worthy of a soap opera, Arkham Intelligence reported in January 2025 that they had uncovered a staggering 96% of Strategy’s Bitcoin addresses. Yet, the company remains tight-lipped, neither confirming nor denying ownership. It’s like a game of hide and seek, but with billions at stake!
And let’s not forget the tantalizing 4% of BTC that seems to have vanished into thin air, a multi-billion-dollar enigma that has skeptics rubbing their chins in contemplation. Could it be a clever ruse, or merely a case of digital misplacement?
What’s Saylor’s excuse for the secrecy?
In a riveting address on X, Saylor waxed philosophical about the lessons learned from the infamous Mt. Gox and FTX debacles. He posits that the conventional method of publishing proof of reserves is as secure as a paper umbrella in a monsoon. According to him, revealing public addresses is akin to broadcasting the home addresses and phone numbers of one’s children to the world—an invitation for chaos! 😂
“It’s like publishing the address and the bank accounts of all your kids and [the] phone numbers of all your kids and then thinking somehow that makes your family better.”
While one might argue that children are not typically subjected to the whims of third-party investors, Saylor insists that the Bitcoin realm is a different beast altogether. He distances Strategy from the Bitcoin purists, claiming that they are a publicly traded entity, catering to institutional investors, while the demand for wallet transparency is merely a maximalist fantasy.
In a twist of irony, Saylor suggests that the proof of reserves is a mirage, and instead, advocates for self-custody of bitcoins. For those who prefer the safety of securities, he recommends relying on proof of assets and liabilities, leaving the wallet publishing to the brave-hearted. After all, it’s the Big Four auditors who hold the keys to the kingdom, ensuring that Strategy remains above board. And let’s not forget the Sarbanes-Oxley Act, which keeps American companies honest—at least in theory!
As for the future, Saylor teases the possibility of implementing zero-knowledge proof of reserves, a concept as elusive as a unicorn. But even that wouldn’t absolve Strategy from the need for independent verification. The lessons from FTX and Mt. Gox, he claims, are not about the absence of proof, but rather a cautionary tale against dealing with “shaky offshore exchanges run by juvenile tweakers.”
In a dramatic flourish, Saylor warns that publishing wallet addresses is akin to handing a treasure map to pirates. Once the addresses are out there, they become a buffet for hackers and trolls alike. Yet, he concedes that there’s nothing inherently wrong with small-scale address publishing. But is Bitwise, the lone wolf in this wild west of Bitcoin, really small scale? Who knows! 🤷♂️
Public reaction
Reactions to Saylor’s speech have been as mixed as a box of chocolates. Some find his arguments compelling, while others see them as mere smoke and mirrors to obscure dubious dealings. Binance’s founder, Changpeng Zhao, couldn’t resist a cheeky jab, tweeting, “he probably sold bitcoins.”
CZ is too scared to tag the @, but we all know he’s subtweeting @saylor
— Pledditor (@Pledditor) May 27, 2025
Critics argue that Bitcoin wallets are unhackable, leaving Saylor with no valid excuse for his secrecy. Defenders of his stance, however, claim that the risk of key leaks makes wallet disclosure a perilous endeavor. It’s a classic case of “trust me, I’m a public company,” but as Saylor aptly puts it, if you want full control over your bitcoins, you’d better hold them yourself. Why trust a public company, indeed?
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2025-05-27 19:07