AFAIK Coinbase was the repository holding company.
Tbh I think the way it works is almost fractional share accounting, and they just "show" the numbers when required, but circulate the same coins
If you are a normie company that hold some Bitcoin and trust Coinbase to hold them for you, then so be it.
But if you are a Bitcoin company, trusting a third party to hold your coins is not the best strategy.
But if you are a Bitcoin company, trusting a third party to hold your coins is not the best strategy.
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