This is a really important question this industry obsesses over custody, which is better the coldcard vs foundation vs trezor etc etc but when it comes to Saylor's products, custody isn't scrutinized, it's taken for granted. Why hasn't he built his own multi-institution custody setup? Multisig is open source, it's not hard to do from a technical standpoint. It's a red flag. This is one of the big reasons I don't own MSTR, STRC, or any of his products because there is a custody risk embedded, among others.

Jessy Gilger, CFP
@idahohodl
03-11
Let's talk about the major STRC risk... the elephant in the room. Strategy's 10-K (filed 2/19/26): Coinbase: 287,322 BTC (40%) Anchorage: 262,194 BTC (37%) Fidelity: 167,615 BTC (23%) The self-proclaimed "triple maxi" custodies 40% of Strategy's bitcoin with Coinbase... a x.com/saylor/status/…
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