Strategy (formerly MicroStrategy) executive chairman Michael Saylor mocked the implementation of on-chain proof-of-reserves (PoR) at the Las Vegas Bitcoin 2025 conference. It is a “crypto parlor trick” and not at all financially transparent and to the detriment of security, he further added.
Saylor explained that wallet address disclosure makes institutions vulnerable to security violations. He continued to state that PoR is not an exposure, hence not suitable for the exposure levels of institutions. He instead advocates against Sarbanes-Oxley norm Big Four auditors’ audits.
Strategy Buys 4,020 BTC Worth $427 Million
From May 19 to May 25, 2025, Strategy completed $427 million worth of at-the-market equity offerings. The funds were used to buy 4,020 bitcoins at $106,237 per BTC each. The acquisition brings Strategy‘s total holdings to 580,250 BTC, bought at an average of $69,979 per coin, worth approximately $40.61 billion in bitcoin investments.
Community Reacts to Saylor’s Stand
Saylor’s objection to PoR deployment has been contentious among the crypto community. While some believed that anti-money laundering processes such as PoR are necessary in order to ensure trust, particularly in the aftermath of high-profile exchange collapse cases, others perceived that Saylor’s objection to PoR is a sign of his hesitation to reveal Strategy’s financials.
Others further maintain that disclosure of wallet addresses can be potential future security threats. Others further concur that full audits are more secure and provide a truer picture of the financial position of an entity.
Bitcoin Market Summary
Bitcoin is at around $110,227 as of 27th May, 2025, after a loss of a marginal 0.25% from the last trading day. The market is showing stability with institutional investment holding steady with controversy over modes of transparency.
