IF THIS IS BELIEVED, HOW MUCH OF MSTR’S STACK IS ALSO SMOKE & MIRRORS?
DONT TRUST, VERIFY. 
Discussion
It would be such a plot twist if Saylor and his company actually owned zero btc
Yawn. While I believe everyone (especially individuals) should self custody, these takes for businesses are not regarded, but actually retarded.
MicroStrategy uses Fidelity and Coinbase Prime as custodians. They originally spun off a subsidiary (MacroStrategy) to custody and quickly realized they couldn't stomach that risk. It is not prudent to shoulder this risk as a business, especially if you're a publicly traded company. You do not want that liability, especially at the valuations Saylor is now doing.
As for Wrapped #Bitcoin, the custodian that they peg in/out "allegedly" holds BTC 1:1 for what is minted. If you want to argue the wrapping institution are pulling FTX-style shenanigans, there may be something there. Knock your socks off.
Bitcoiners need to educate themselves better. That also goes for learning how businesses actually operate and stop viewing everything through the lens of some pleb having 0.27 #BTC on a Cold Card.