The value case is real: $59 buys a non-custodial device with an EAL6+ secure element, open firmware, SLIP39 backup, and staking that never surrenders keys, from the company that invented the category. The deductions are equally real: a publicly disclosed physical extraction path on the signing MCU that firmware mitigations raise the bar against without fully closing, a partially rather than fully open stack, and an iOS experience that stops short of sending. The passphrase converts the headline flaw from a risk into a checkbox, which is why the score holds in the mid-7s instead of falling further. Buy it direct, set the passphrase during setup, and the Safe 3 is the best sub-$100 cold wallet decision available in 2026.