Michael Saylor Vows ‘We Buy Real Bitcoin,’ No Rehypothecation
Michael Saylor's firm MicroStrategy reaffirmed its Bitcoin acquisition strategy, stating it buys "real bitcoin" and does not engage in rehypothecation. This came in response to skepticism from Casa CTO Jameson Lopp, who questioned whether the company verifies that its Bitcoin holdings are not being rehypothecated by third-party custodians. The debate highlights concerns about transparency and proof of reserves for institutional Bitcoin custody. MicroStrategy disclosed purchasing 2,932 BTC for $264.1 million, bringing its total to 712,647 BTC. While some critics demanded public proof of addresses, others argued that traditional auditing and corporate controls provide sufficient validation. Saylor emphasized that the company audits its custodians and advised others to avoid rehypothecation. Bitcoin was trading at $88,001 at the time of reporting.
bitcoinist01/30 05:01