Spot settled means it should be physical bitcoin in Coinbases custody. Although last i checked we have no way to audit what they hold. There's definitely a transparency issue with a majority of the ETF's.
Ironically, that’s the appeal of BTC. Transparency issues.
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Not for a government controlled financial entity. They could, and probably have to(?), report holdings to various instances of gov
Sort of. See Investment Company Act 1940
The question is: How do you want to hold your BTC exposure? Through regulated entities or cold storage.
