Strategy, led by founder Michael Saylor, holds nearly $72 billion in Bitcoin across multiple custodians, with Coinbase confirmed as one of them. The company keeps the identities of its custodians confidential for security reasons, despite scrutiny from the crypto community. Recent claims from blockchain analytics firm Arkham suggest that Fidelity could be holding about 70,000 BTC for Strategy. Following inquiries from the SEC regarding the firm's custodial arrangements during a turbulent period for the crypto industry, Strategy admitted to using only NYDFS-regulated custodians, which narrows the potential candidates to nine firms including BitGo and Gemini. While some eyebrows were raised when Saylor expressed skepticism about revealing specific custodians, Coinbase’s CEO noted that the firm securely manages a majority of the Bitcoin for top publicly traded companies, implying their involvement with Strategy. Nevertheless, the exact distribution of Strategy's Bitcoin holdings remains uncertain as they maintain operational security protocols around custodianship details.

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