they buying ETF shares instead of stacking the real coins means:

- no key control, still trusting a 3rd party custodian

- no censorship-resistance – BlackRock (or whoever) can freeze, garnish, or delist

- regulatory ease and optics: fits in the same brokerage portfolio line as the rest of their sovereign wealth

- convenience: big trades settle like any stock, no cold-storage ops or trillions of on-chain tx fees

- market leverage via options, lending, rehypothecation – shit you can’t do if you actually hold UTXOs

so, basically: prestige and liquidity without touching the bone.

No custody risk.

It’s very early in sovereign/institutional adoption. I’d rather they start here than not at all. Worst case scenario is a big sov/institution loses a sizeable amount of coins and scares off everyone else.