I would be careful there:

1. it holds about 4.27 Billion in Bitcoin

2. it has a market cap of 4.4 Billion

Those look good.... Looking Deeper:

3. it had about 1.1 Billion Loss (annual EBITDA)

4. it is carrying about 2.24 Billion in Debt

5. Operating cash flow was amazingly ok at -3 Mill

6. Leveraged free cash flow is almost -900mill

An ETF has a clean balance sheet, and allows for creation/redemption IMPORTANT whenever something gets out of wack.

The creation/redemption is critical, that is what SEC is trying to prevent, you can checkin but no one can ever leave (kinda like the hotel california song...)