Coinbase has MSTR’s approval to fractional reserve the MSTR bitcoin stack. If MSTR has 250k bitcoin custodied with Coinbase, Coinbase can fractional reserve up to 150k of those coins, knowing that MSTR’s entire strategy is holding indefinitely.

Coinbase custodies most of the ETFs and MSTR … they have 2M+ bitcoins custodied. More important than 10%+ of the total supply, it is more than the TOTAL remaining issuance of the bitcoin protocol. They can 100% use a small float to manage (or create) market volatility.