Bloomberg Analyst Questions Coldcard's Team Size and Security Capabilities

ChainCatcher report: Bloomberg senior ETF analyst Eric Balchunas commented on the Coldcard wallet security incident, saying, “I just found out that the Coldcard team has only five employees. That number is far too low for such an important company. Would you be willing to use a bank with only five people to store your life savings? Maybe this is considered normal in the crypto space, but to me, it’s a clear red flag.” Balchunas further noted that, by comparison, institutions like Coinbase and Ledger—with larger teams—likely have greater advantages in security investment and operational capacity, even if users face higher transaction costs. Bitcoin ETFs offer another alternative: investors can enjoy the security provided by large, professional, regulated financial institutions while also benefiting from lower management fees.