MSTR is now part of the NASDAQ 100. Do you think for a minute that the highly and actually overly regulated securities market doesn't monitor the top companies as hard as they can? Of course they do. Their BTC holding are in deep multi-sig cold storage. Just like yours and mine.

MSTR:

U.S. Ranking #118 of 499 / S&P 500 Ranking #12 of 500 / NASDAQ-100 Ranking #46 of 100 / Daily Traded Volume Ranking #2 of 499

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I don’t believe Coinbase has them all. I am fine believing that MSTR has a claim on their Bitcoin. But if they never plan on using all - or even some of them - then Coinbase can fractional reserve bank their bitcoin.