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