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They are thenselves institutional BTC holders, so I'm not sure if they need to outsource it.

Microstrategy is using Coinbase.

That's my point exactly.

Traditional stock market buys tons of coinbase cash -> coinbase uses said cash to market-buy BTC with bots driving the price up -> BTC/their crypto of choice is now worth far more.

If the market follows their run they end up making far more than they reinvested.

Yeah but what does grayscale have to do with it? Doesn't make sense.

not only that, but they custody grayscale's btc. they definitely don't need grayscale.

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