They have management fees and other custodial costs. So yes, they certainly have some, but if they don’t have enough to repay every client, what’s the point?
They have some what? Repay what to every client?
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BTC. If the fund isn’t buying enough to meet withdrawals, or a larger run on the fund, or even unethical management, you aren’t entitled to the exact amount of BTC you paid for. Not your keys, not your coins.
