What if they have them in self-custody, and he doesn’t want people to know that?

Also, the liabiliities part was a bit of a different point, which was that even if you could somehow point to the addresses, you would STILL have to trust MSTR not to screw you. So if you don’t trust because no proof of reserves, then why trust even with proof of reserves without proof of liabiliites?

Basically, if you’re gonna invest in MSTR (which might or might not work out), you’re stuck trusting the incentives of the people running the company.