Reserves
Our first full proof-of-reserves audit, published block by block
Trust in a Bitcoin treasury should not depend on a quarterly PDF. So we have published every wallet we control and reconcile those balances against our books at each block.
The audit checks three things: that the coins exist on-chain, that we control them, and that the total matches what we report to shareholders. Anyone can repeat the first and last checks with a node and the published list.
Our auditors repeat the full process each quarter, including the key ceremonies behind our multi-party custody. Their method is public, so their work can be checked too.
No one has to take our word for it. That is the point.