Replying to Avatar Brett Phillips

If we are talking about US ETFs, you are correct.

If you are not a market maker for that security, which no individuals are, then you must buy shares of the ETF on the secondary market, usually through a brokerage, using fiat.

“In kind” redemption, if allowed, is only for the market makers who are creating or redeeming shares.

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hh 10mo ago

So what do you think? Did he sell his BTC for fiat, just to then change it back for pieces of paper?

That would be absolutely wild.

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2Pac 10mo ago

He must have sold then bought etf. Weak sauce.