If blackrock custodies bitcoin with Coinbase, then why do people even need blackrock? Just buy on Coinbase.
So blackrock is irrelevant.
If you mine your bitcoin and self custody, why even buy on Coinbase?
So Coinbase is irrelevant.
Discussion
It’s cheaper and more convenient to buy Blackrock’s ETF than on Coinbase. It’s cheaper and more convenient to buy on Coinbase than to mine.
Convenience and cost.
Not saying I’m personally comfortable with those reasons myself, just saying - they are reasons.