STRATEGY’S 848,517 BITCOIN SIT WITH THREE CUSTODIANS — THEIR INSURANCE FLOOR IS $520 MILLION, SHARED WITH ALL THEIR CUSTOMERS — FIDELITY’S COUNT HAS READ 167,615 SINCE FEBRUARY

Strategy filed its third-quarter report on November 2, 2026, and it says who holds the coins. As of October 25, 2026, Coinbase had 354,348 bitcoin, Anchorage Digital had 326,554 and Fidelity had 167,615. That’s all 848,517. “We hold our bitcoin with regulated custodians that have duties to safeguard our private keys,” the filing says. Strategy calls them its keys. Three other companies guard them. It bought 811 more bitcoin in the week to November 1, and the table stops before those.

The filing also lists what stands behind a loss. It says the custodians carry more than $320 million of insurance at Coinbase, $100 million at Anchorage and more than $100 million at Fidelity. Add those up and you get a floor of $520 million, against the $68.27 billion the filing puts on the coins at its October 25 price. That’s about 0.76%, and the real figure could be somewhat higher because two of the numbers are floors. None of it is set aside for Strategy. The policies are “shared among all of such custodian’s customers,” they cover other losses too, and the limits are “in the aggregate and not per occurrence.” Strategy adds: “we do not maintain separate insurance to cover our potential bitcoin losses.”

One line is new since the last quarterly report: “in October 2026, Binance reported a significant security breach involving the unauthorized withdrawal of digital assets from certain hot wallets.” Binance isn’t one of Strategy’s custodians. The older warning is the one about the three that are. Strategy says it negotiated contracts meant to keep its coins away from a custodian’s creditors, then says insolvency law here is “not fully developed” and that in a failure it “could be treated as a general unsecured creditor.”

Strategy says it uses several custodians to spread the risk, and that it will “continually evaluate and seek to engage additional digital asset custodians.” The same three names were in its report a year ago. Fidelity’s count has read exactly 167,615 in all four custody tables since February 13, 2026. Strategy’s total rose 131,386 over that stretch, a net 67,026 at Coinbase and 64,360 at Anchorage. Self-custody appears as something it may use “in the future.” The filing gives no addresses, so these counts rest on Strategy’s word. Arkham, tracing from outside, said on October 1, 2026 it could tag about 78% of the holdings. Strategy paid $4.62 million in custody fees last quarter for all of this. At the time of this writing, bitcoin was $77,592.