In the wave of companies rushing into the BTC hoarding competition, the Financial Times calls this the 'Infinite Money Gap' due to many questions about the transparency of this model.

FT emphasizes that they are NOT SPREADING FUD, but merely want to address the gaps in the application of auditing rules by BTC hoarding companies. According to them, from giants like Strategy to smaller businesses hoarding Bitcoin, this is becoming a nightmare for auditors.

Analyzing more than 130 stocks listed on the Bitcoin Treasuries page, the FT points out the current state of BTC auditing:

- Strategy: the flagship tirelessly DCA with a Bitcoin investment of up to $100B, but Chairman Michael Saylor does not publicly disclose the wallet address for security reasons. Therefore, KPMG - their auditing firm since 2013 has to apply complicated processes.

- Metaplanet: likened to 'MicroStrategy Japan', partnered with Hoseki to verify digital assets but does not publicly disclose the wallet address. Yamabuki Audit Corporation in Tokyo audits the company, primarily verifying Bitcoin purchase transactions with external documents.

- Blockchain Group (France) and Bitcoin Group (Germany): have very general audit reports, not delving into the Bitcoin reserve verification process.

- Smaller companies like Next Technology (China) and Cango (Hong Kong): have audit reports but are unclear, especially regarding how to verify treasury wallets.

- Twenty One Capital (USA) and RemixPoint (Japan): have yet to provide clear information about the auditing process and asset reserves.

Although there is no specific evidence of wrongdoing, the paper raises the question of whether BTC reserve companies exploit these blind spots, such as through re-hypothecation or multiple parties claiming to own the same asset. If there are bad actors, what will expose them? With the Crypto industry's philosophy of 'Don't trust, verify', the lack of clear auditing standards is a significant obstacle.

FT suggests that stricter auditing standards and cooperation between regulatory agencies are needed to mitigate risks. Meanwhile, companies like Strategy could consider providing more public data, such as proof of reserves on the blockchain, to enhance investor trust while ensuring safety.