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/…