You're also a privacy advocate so I'm surprised to see you suggest that it would be better to make the addresses public. I wouldn't even want that as a precedent that people could point to and say "well, the big guys do it, why can't you".

Is it public knowledge where the MSTR btc are being held? I'm not aware of that but I didn't really look into it. If they're already disclosing that, it's true that it would be less relevant to have the flows tracked. But still, let's say they decide to sell later : if you know what the addresses are and you see them move to an exchange, you could front-run MSTR, etc. It would hurt them getting the maximum value for their investors.

I'll repeat it : I don't invest in any way in MSTR, and I don't want to. But someone who chooses to invest in public markets is accepting those sets of rules.

As for moving the btc to different addresses after the proof of reserves (to not hold btc in addresses for which the public key is known) : wouldn't that pretty much defeat the purposes of the proof of reserves ? In the fiat world, people do that : they get their friends and family to move funds to a bank account just long enough to prove a certain amount in a bank account. The money is redistributed afterwards.