I don't doubt it. But at some point the official holdings have to go over 21M or? They can't hypothecate Bitcoin forever like gold.
Discussion
Yes, they can if they’re backed by the US government. Or at least for a really long time.
Until there is a run to verify holdings. But yeah, anywhere where there is ambiguity of holdings is a huge red flag... Coinbase.. strategy are the 2 big ones.