Reminder: Until institutions start “proving” ownership of bitcoin on a routine and ongoing basis, it is safe to assume they hodl ZERO bitcoin.

Here are some examples of companies or funds that, IMO, hold zero bitcoin:

Coinbase

Binance

Gemini

GBTC

Microstrategy

ARK

Many others.

It’s easy to sign. If they don’t, demand it of them! If they still don’t, assume they have zero coins.

Recent example was prime trust losing access to funds years ago and essentially running a Ponzi scheme since that time.

Normalize proof of reserves. And when they tell you: “Well that doesn’t show liabilities.”

Simply say, “Fk your liabilities. Prove to me you own the bitcoin.”

They are lying!