Replying to Avatar S!ayer

AFAIK Coinbase was the repository holding company.

Tbh I think the way it works is almost fractional share accounting, and they just "show" the numbers when required, but circulate the same coins
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mike 7mo ago 💬 2

If you are a normie company that hold some Bitcoin and trust Coinbase to hold them for you, then so be it.

But if you are a Bitcoin company, trusting a third party to hold your coins is not the best strategy.

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ethfi 7mo ago

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Brett Phillips 7mo ago

I would say that they probably have to use a third party custodian, but then again, Fidelity custodies for their own ETF.