Blackrock now manages over 3.3% of Bitcoin supply, more than Strategy. Today in @blockspacepod 🗞️ This week @BlackRock's IBIT crossed 700,000 BTC AUM and accounts for over 55% of all U.S. spot Bitcoin ETF holdings. But did you know that 9 of the 12 ETFs all keep the actual Bitcoin with the same custodian? The problem: If a single entity is custodying over 10% of BTC supply, even if they are going above and beyond best practices it creates a single entity to target. Whether that means a hacker trying to exploit a company’s security or a government subpoenaing a single entity, fewer actors in Bitcoin means a larger overall risk surface. While I’m not worried about Coinbase Custody specifically, the growing trend of Bitcoin held by trusted custodians is a long term concern and it is more difficult to reverse than establish.