Coinbase will custody it for them.
Discussion
Are they actually going to have Bitcoin, even at Coinbase, for the paper issuance after cash is received? Nothing like 3 layers of counterparty risk for an asset you could hold yourself.
Not enough to meet the inevitable institutional demand.
That’s what it sounds like. Like they are openly saying it’s just some paper that trades along with price action. It sounds like a totally losing product if other ETFs get approved where they actually hold Bitcoin. I’m starting to see visions of a 10x FTX forming.