Michael Saylor: Onchain Proof-of-Reserves Is a “Bad Idea”

Michael Saylor, Executive Chairman of Strategy (formerly MicroStrategy), criticized onchain proof-of-reserves at the Bitcoin 2025 event in Las Vegas, calling it a security risk for institutions.

“It dilutes the security of issuers, custodians, exchanges, and investors,” Saylor said.

He declined to confirm whether his firm would publish proof-of-reserves, arguing that revealing wallet addresses could expose firms to long-term vulnerabilities.

Proof-of-reserves became popular after the FTX collapse, with platforms like Binance, Kraken, and Bitwise adopting the measure to boost transparency. But Saylor believes it only shows what firms hold, not what they owe, and isn't suitable for enterprise-grade security.

💼 Strategy is the world’s largest corporate Bitcoin holder, with 576,230 BTC ($62.6B) on its balance sheet.

Source: Mitchell Askew | Bitcoin 2025