Michael Saylor published an essay arguing that institutional custody and Bitcoin-linked securities can expand adoption without eliminating self-custody. Strategy raised $2.0065 billion in net MSTR share-sale proceeds while holding 840,447 BTC unchanged and expanding its USD Reserve to $5.10 billion. Saylor frames sovereignty as the ability to choose between direct ownership and transparent institutional claims, rejecting the idea that self-custody should become an obligation for every person or institution. The analysis maps the structural risks of different Bitcoin-linked instruments, from direct private-key control to ETFs, MSTR equity, preferred stock and derivatives, each carrying distinct custody, priority, dilution and counterparty exposures.
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