Multi-custody in practice — who we choose and why
Choosing where to store keys is not a formality. Details of selecting two independent institutional custodians for the company's balance sheet.
Custody is a trust cost, not an operational cost. An institutional investor doesn't buy shares of a treasury company because the company "knows what it's doing with BTC." They buy the certainty that BTC physically exists, is verifiable, insured and will not disappear from a single error.
What we considered
Single-custodian was off the table from the start. A single point of failure is mathematical — no matter how large and regulated the institution. We analysed the world's six largest BTC custodians on:
- Regulation — G7-jurisdiction license, client segregation, Big 4 audit
- Insurance — minimum 100M USD per single custodian
- Cold storage ratio — minimum 95% offline, multisig 3-of-5 or better
- Proof-of-reserves — cryptographic, on demand
- Insolvency protection — client funds excluded from bankruptcy estate
The outcome
Two independent custodians — one in Europe (Switzerland), one in Asia (Singapore). Combined policy 200M+ USD. Every transaction requires a signature from both parties. The company cannot move BTC unilaterally.
"Don't trust — verify. Including the board."
The next post will show the mechanics of proof-of-reserves from the technical side — how every investor can verify the portfolio state themselves.
Get in touch
with the team.
Qualified investors, family offices, foundations, journalists and strategic partners — write directly to the IR team.
Headquarters
Warsaw, Poland
Response time
Up to 2 business days