Strategy’s $72B Bitcoin Holdings Possibly Spread Across Coinbase and Other Institutional Custodians

Key Points

1. Strategy employs a diversified custody strategy involving multiple NYDFS-regulated custodians to mitigate risks and enhance security.

2. Coinbase is confirmed as one of Strategy's custodians, managing over $140 billion in crypto assets for institutional clients, including eight of the top ten publicly traded Bitcoin-holding companies.

3. Blockchain analytics firm Arkham Intelligence traced approximately 70,000 BTC of Strategy's holdings to Fidelity Digital Asset Services, though Fidelity has not publicly confirmed this.

4. Other potential custodians include BitGo, Gemini, NYDIG, Paxos, Bakkt, GMO-Z.com, and Standard Custody & Trust Company, all NYDFS-licensed entities.

5. Strategy disclosed to the SEC that its Bitcoin is held exclusively with U.S.-based NYDFS-regulated custodians, emphasizing regulatory compliance and transparency.