Grayscale, the asset manager running the world’s top Bitcoin fund, refuses to provide a proof of its crypto reserves over alleged “security concerns.”

In a recent statement, Grayscale announced that it will not share any proof of its Bitcoin reserves “due to security concerns” concerning sharing “on-chain wallet information and confirmation data.” The company admitted that it would be a “disappointment to some,” but suggested that the ongoing “panic sparked by others is not a good enough reason to circumvent complex security arrangements.”

It is unclear what security concerns Grayscale may have against sharing data from which only its on-chain wallet’s public keys could be inferred. A public key is linked to a private key and allows to send cryptocurrencies to an address, but does not allow for signing transactions and so far has proved to be safe from hacks as well.

Grayscale may be more concerned about revealing which addresses its Bitcoin is coming from and which addresses it is sent to, possibly revealing relationships with undisclosed business partners. Lastly, many in the community are concerned that the company may be simply afraid to reveal the under-collateralization of its product triggering a bank run and pushing its value well below the 45% discount it is currently trading at.