Strive's Joe Burnett points to institutional custody after Coldcard exploit

What happened

Joe Burnett, Strive’s Vice President of Bitcoin Strategy, said the past week may have been one of the worst weeks in Bitcoin’s history and urged large holders to trust institutional custodians rather than hardware wallets.

Confirmed

Global impact / market context

If big Bitcoin owners move their coins to institutional custodians—companies that hold assets for clients—they will pay service fees and must follow rules that oversee financial firms, which could lower demand for self‑custody tools and change how cash flow is managed.

Analyst inference

Burnett’s comment follows a recent Coldcard hardware‑wallet exploit, where a security flaw let attackers access private keys. The incident raised doubts about the safety of storing crypto on personal devices versus using regulated custodial services that are overseen by authorities.

Analyst inference

What to watch

1. If other major Bitcoin investors publicly recommend institutional custodians, it could speed up the shift away from personal hardware wallets. Analyst inference
2. Regulatory changes that affect custodial services, such as new licensing rules, may make institutional storage more appealing to large holders. Analyst inference
3. How hardware‑wallet makers respond to the Coldcard exploit, including any security patches or new product launches, will indicate the future safety of self‑custody options. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• cryptopolitan.com