Strategy – a Bitcoin giant with over $72 billion in digital assets – is protecting its massive Bitcoin stash by distributing it through various anonymous custodians, with Coinbase confirmed as one of the asset holders.
Holding assets like this with multiple custodians that strictly comply with NYDFS regulations shows a focus on security and legal compliance in managing Strategy's tens of billions of USD in Bitcoin.
MAIN CONTENT
Strategy distributes its Bitcoin through various NYDFS compliant custodians, with Coinbase and Fidelity confirmed as participants.
The secrecy in custodying large assets creates potential risks, as learned from the collapse of FTX.
Michael Saylor opposes the public disclosure of proof of reserves due to security concerns, although the market and the CEO of Coinbase encourage more transparency.
What is Strategy's Bitcoin custody strategy?
CEO Brian Armstrong of Coinbase has affirmed that his company is custodying Bitcoin for 8 of the 10 largest publicly listed organizations, proving Coinbase is one of Strategy's main custodians. This reflects the deep experience and collaboration between Strategy and reputable custodians.
Strategy avoids explicitly naming custodians to maintain secrecy, only confirming the use of multiple custodians with full NYDFS licenses – a strict regulatory standard from the state of New York.
Who are Strategy’s most probable custodians?
Potential custodians include leading U.S. licensed custodians such as Coinbase, Fidelity, BitGo, Bakkt, Gemini, NYDIG, and Paxos. Among them, Coinbase is where Strategy first purchased Bitcoin and is the primary market for Bitcoin according to Strategy's financial reports.
Our institutional team is crushing it – two awesome stats from our QBR this week: 8 of the top 10 publicly traded companies with BTC on their balance sheet use Coinbase Prime.
Brian Armstrong, CEO of Coinbase, 27/6/2025
According to Arkham Intelligence, part of Strategy's assets valued at approximately $70,000 was transferred to Fidelity in May 2025.
How could the strategy of keeping custody secret affect Strategy?
The lessons from the collapse of FTX by Sam Bankman-Fried clearly warn about the risks of lack of transparency in cryptocurrency asset custody. Strategy also used Bitcoin as collateral for loans at Silvergate Bank, complicating the story when this bank went bankrupt.
Recent bankruptcies in the cryptocurrency and financial sectors have not significantly impacted MicroStrategy's business situation.
MicroStrategy responds to the SEC, 2023
Michael Saylor, CEO of Strategy, has experienced significant risk in the past when he lost $6 billion in one day during the dot-com bubble, still maintaining his stance against publicly disclosing 'proof of reserves' due to security concerns.
What is the market's and Strategy's leadership reaction to the transparency demands?
Brian Armstrong believes that as a publicly listed company, Strategy needs to provide transparent information about custody to build trust with investors. Meanwhile, Michael Saylor argues that disclosing the list of custodians or proof of reserves could jeopardize security.
Frequently Asked Questions
Where is Strategy custodying its Bitcoin?
Mainly through Coinbase, Fidelity, and a few other NYDFS licensed custodians, according to confirmation from the CEO of Coinbase and market analysis data.
Does keeping custody secret negatively impact?
It can pose risks and lack transparency, leading to loss of investor trust as demonstrated by the FTX case.
Why does Michael Saylor publicly oppose proof of reserves?
He is concerned that doing so would expose security information, endangering the safety of the company's assets.
Is Coinbase the main custodian of Strategy?
Yes, Coinbase is the main exchange and custodian where Strategy buys and custody's most of its Bitcoin.
Can Strategy's experience help avoid bankruptcy risks?
Michael Saylor's experience and the legal compliance process for choosing custodians help reduce risks but still require transparency to bolster trust.
Source: https://tintucbitcoin.com/ai-so-huu-chien-luoc-bitcoin-saylor/
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