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Coinbase Holds Just a Fraction of Strategy’s Bitcoin—Here’s Who Really Custodies the Rest
Coinbase Holds Just a Fraction of Strategy’s Bitcoin—Here’s Who Really Custodies the Rest
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When a trillion-dollar asset manager dips into Bitcoin, you’d expect Coinbase to hold the keys. Think again.
Behind the scenes, a shadow network of institutional custodians—some you’ve never heard of—are quietly securing billions in Satoshis. And they’re charging Wall Street premiums for the privilege.
Who’s cashing in? A mix of legacy finance players (with their usual velvet-rope fees) and crypto-native firms running air-gapped servers in Swiss bunkers. Because nothing says ‘trustless’ like a private vault under a mountain.
Meanwhile, Coinbase takes the PR win—while the real custody game happens offstage. Classic finance theater: pay for the brand, pray for the security.
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