Quote from: Just Common on Today at 05:10:42 PM

Coinbase Doesn't Custody All of Strategy's Bitcoin—So Who Does?

Strategy's $72B Bitcoin stash is spread across multiple secret custodians, with only Coinbase confirmed and Fidelity potentially holding 70,000 BTC.
Strategy keeps its $72 billion Bitcoin stash with multiple custodians, but won't publicly name them, citing security concerns despite pressure from crypto community.
Coinbase confirmed it's one of Strategy's custodians, while blockchain analytics firm Arkham claims to have traced 70,000 BTC to Fidelity.
SEC filings reveal Strategy uses only NYDFS-regulated custodians, narrowing the list to 9 possible firms including BitGo, Gemini, and NYDIG.
Bitcoin treasury giant Strategy has always been coy about naming its BTC custodians. But people outside the firm do know who they are.For starters, Strategy has repeatedly cited its “various custody arrangements”—there is no one exclusive custodian that’s holding onto its nearly $72 billion worth of BTC on the company’s behalf. A spokesperson for Coinbase confirmed it is one of Strategy's custodians when asked by Decrypt—but stressed that MSTR has previously named Coinbase as one of its custodians.

https://decrypt.co/330556/coinbase-custody-strategy-bitcoin-who-does

Strategy Custody policies are a mystery to most.
They never disclosed wallets, custodians, or any details on their stash.
I guess they do so to protect their privacy and not to generate any hype when they move some funds for technical reasons, with agencies like Lookonchain or Arkham trying to speculate on every sat's movement.

It might be counterintuitive, but I think it is a good, deliberate choice.

I also think they do some kind of self-custody; they are a software house, after all.