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Michael Saylor Vows ‘We Buy Real Bitcoin,’ No Rehypothecation

Michael Saylor’s Strategy has reignited a long-running Bitcoin custody debate after co-founder and CTO of Casa Jameson Lopp challenged whether or not the agency can know its holdings aren’t being rehypothecated by third events. Saylor’s blunt response — “We purchase actual bitcoin. We don’t rehypothecate.” — rapidly changed into a broader argument about what “proof” appears to be like like for a public firm warehousing BTC at institutional custodians.

The change landed as Strategy’s accumulation narrative is accelerating in early 2026. On Jan. 26, Saylor posted that Strategy bought 2,932 BTC for roughly $264.1 million at a median worth close to $90,061 per bitcoin. He added that, as of Jan. 25, the corporate held 712,647 BTC acquired for about $54.19 billion at a median price of roughly $76,037 per coin.

That disclosure sparked commentary from Jesse Myers, who framed Strategy’s tempo as structurally supply-tightening. Myers stated the corporate has acquired 40,150 BTC to date in 2026, towards 11,700 BTC mined year-to-date. “Eventually, the BTC worth should go larger. Much larger,” he wrote, leaning on a easy imbalance: one giant purchaser absorbing greater than new issuance.

No Paper Bitcoin?

Lopp pushed back on the implicit assumption that each one of these purchases translate into unencumbered, uniquely owned UTXOs. “Your thesis is smart… below the idea that he’s shopping for actual bitcoin,” Lopp wrote. “Does Strategy really confirm that their bitcoin solely belongs to them and isn’t rehypothecated? I’m skeptical.”

Saylor responded with a brief, definitive denial: “We purchase actual bitcoin. We don’t rehypothecate.” But Lopp widened the aperture from Strategy’s personal habits to the incentives and opacity of intermediaries. “But how are you aware your custodians don’t? Presumably they put your BTC in segregated addresses you may monitor,” he wrote. “People ask for proof of reserves since they don’t even know what monitoring / assurances you set in place. Multiple layers of trusted black bins make of us nervous.”

As the thread grew, some customers demanded Strategy publish addresses. One account wrote, “Prove it then. Show us the addresses.” Others argued that transparency cuts each methods. “Ever thought of that TradFi may very well be extraordinarily frightened if Strategy had been to do that, provided that it opens up a number of assault Vectors?”

Defenders leaned on the mechanics of public-company controls fairly than on-chain visibility. Attorney Jesse Kobernick from Miller Nash LLP argued that Strategy’s filings describe steps auditors take to confirm balances and management, and that a number of third events contact the method, together with the separation between BTC purchases and the fairness gross sales and money proceeds that fund them. Lopp rejected that consolation. “Trusted third events are safety holes…” he replied.

Bitcoin OG Adam Back, in the meantime, pointed to mainstream custodianship norms as a motive to low cost “paper bitcoin” fears. “Think about it. Their custodians are I feel Fidelity and Coinbase,” Back wrote, including that giant auditors take verification and key-control requirements severely.

Lopp remained unconvinced that exterior observers can know what, precisely, is being verified. “Are these auditors spinning up nodes, verifying balances at addresses, making certain that no shoppers maintain claims to the identical BTC?” he wrote. “I’m skeptical, however finally we simply don’t know – it’s a black field.”

Later on Jan. 28, Saylor reposted the message extra broadly, escalating from denial to prescription: “We purchase actual bitcoin. We audit our custodians. We don’t rehypothecate.” He added: “You shouldn’t both.”

At press time, Bitcoin traded at $88,001.

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