Strategy’s Saylor Sidesteps On-Chain Proof of Bitcoin Reserves, Says Audits Are Enough
Asked whether proof of reserves would make sense for the company, Saylor said Strategy is “studying it” but argued the practice could pose operational and security risks
Michael Saylor, executive chairman of Strategy, the largest Bitcoin treasury company holding $72 billion worth of BTC, stopped short of committing to on-chain proof of its reserves during the company’s Q2 2025 earnings call, despite direct questions from analysts.
Asked whether proof of reserves would make sense for the company, Saylor said Strategy is “studying it” but argued the practice could pose operational and security risks.
He pointed to Galaxy Digital’s recent facilitation of an 80,000 BTC sale as a warning, claiming it caused “a massive dislocation in the market” and sparked speculation over routine transactions.
“[...] 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 [...],” Saylor said.
Saylor’s statement contrasts with market coverage of the sale — executed for a “Satoshi-era” investor — which was absorbed with minimal lasting price impact. Amid that transaction, the price of Bitcoin (BTC) momentarily dropped from around $119,000 to nearly $115,000 but then retraced back to $118,000.
