Once we see the bitcoin on the blockchain, then we can worry about the liability question.

I understand proof of reserves isn’t perfect, however it is better than “just trust me, bro”

The counterparty I am most concerned about is Coinbase. Whether or not MSTR and their auditors are comfortable with a certain amount of fractional reserving from Coinbase is also a question.

But I want to see the bitcoin addresses. Like River. Like El Salvador. Seems like an obvious compliment to the MSTR bitcoin strategy. Only adds confidence (therefore value) in the fiat markets.