Coinbase Doesn't Custody All of Strategy's Bitcoin—So Who Does?
2025-07-18 16:32:30
Main Idea
Strategy, a Bitcoin treasury giant, has multiple institutional-grade custodians for its $72 billion BTC holdings, with Coinbase confirmed as one, though the company has been cautious about full disclosure.
Key Points
1. Strategy holds nearly $72 billion worth of BTC and uses multiple institutional-grade custodians, with Coinbase confirmed as one.
2. Michael Saylor, Strategy's founder, previously stated it was a 'bad idea' to publicly share 'proof of reserves,' sparking controversy.
3. Coinbase CEO Brian Armstrong implied Coinbase is one of Strategy's custodians, noting it holds Bitcoin for eight of the top 10 publicly traded BTC holders.
4. Strategy disclosed some custodian details to the SEC in 2023, citing U.S.-based, NYDFS-regulated custodians but kept specific names confidential under SEC Rule 83.
5. Potential custodians include BitGo, Fidelity, Gemini, Paxos, and others with NYDFS BitLicenses, with blockchain analytics suggesting Fidelity may hold some of Strategy's BTC.
Description
Strategy's $72B Bitcoin stash is spread across multiple secret custodians, with only Coinbase confirmed and Fidelity potentially holding 70,000 BTC.
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