he hasn’t been able to find all the recent UTXOs. There are a few reasons for this IMO: the frequency and volume of BTC purchases combined with the way MSTR custodies. MSTR tends to have unconsolidated UTXOs, buying in smaller sets, making the bitcoin harder to track as he’s purchasing / announcing. MSTR also self-custodies some of the bitcoin, custodies some with Fidelity, and the rest with Coinbase Prime. This also can throw a wrench in tracking as you have to track and try and combine UTXOs at different parties. I’ve also noticed that @SaniExp is extremely skeptical of all custodians lol especially if he can’t figure out where UTXOs are right away. probably a good thing, but I think shouting about MSTR having paper bitcoin is major fud and not needed 

 as a shareholder, obviously I would prefer proof of reserves. But I trust Saylor that he has a reason why that’s not currently the case and I trust him that he won’t commit fraud. Maybe I’m wrong and it’ll blow up in my face, but I don’t think that will happen. And if it does, I have BTC in self custody and I’m OK with this risk 

 I tend to agree with you. I like Saylor a lot and have learnt a lot from him. He would face jail if they didn’t have the bitcoin, and I’m nearly certain he wouldn’t do that.  But the bitcoiner in me says don’t trust, verify.  

 you literally couldn’t create a more bullish leader for Bitcoin in corporate america than Michael Saylor. Yet so many bitcoiners such as Matt Odell have MicroStrategy derangement syndrome. Maybe it’s because MSTR is outperforming his entire VC fund? Why would accredited investors and institutions invest in 10-31 when they can have less risk and leveraged BTC exposure via MSTR CNs and equity?