That is my assumption too. That said, I found a UK Pension provider that apparently allows your SIPP to go into a self-custody bitcoin wallet. Need to follow this up.

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Interesting. I didn’t know you could do that. If you find any info would you share? 🫡

I need to dig out the details. It may have been a SSAS rather than a SIPP. Unclear if you actually get the keys.