Since June, Datavault AI can't withdraw its bitcoin from the Biconomy exchange. The 1,309 BTC it got for $150M of stock were an off-chain ledger entry, and 491 were sold back.

We read the custody filings of the 25 largest public BTC holders, about 1.19M BTC. Coinbase holds at least 381K and Anchorage Digital Bank 370K, 63% together. Fidelity's 168K is all Strategy's.

Eight companies with 180K BTC, including Metaplanet, MARA, SpaceX and Tesla, name no custodian. Only Twenty One, Metaplanet and OranjeBTC publish addresses anyone can check.