Exactly. Who cares if they have 50,000 in Bitcoin reserves if they have 250k worth of liabilities.
Discussion
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.
Unless they are a public company, the liabilities will never be shown. There is zero chance kraken, or whoever will announce they ftx 9 gazillion, and so on...