That's what I've been wondering. Strategy doesn't disclose public addresses,
but they do announce all their purchases. So if the purchases are indeed legit, shouldn't it
produce corresponding activity on the blockchain that could be tracked and verified?

Bitwise discloses public addresses of its bitcoin holdings for its ETF, so why can't Strategy?
Even Tether discloses its public addresses, so Saylor is full of shit on this one.

If you want a bitcoin custodial product I would go with Bitwise.