Do they intend to sell fractions or sats ?
Discussion
Might be wrong but I thought ETF were to get exposure to a market, allowing at the same time to buy fractions of shares.
With a BTC ETF what will you get ? Can't be a basket of fractions of multiple units as, if I'm correct, it concerns BTC only.
Also, I do get that on some financial products, getting exposed through paper versions of a product can be helpful ( paper gold, paper oil ), but here ? Why would you want paper Bitcoin ?
The only thing I can see here is not to have to handle your own security ( self custody ), so there'd be no difference with storing your coins on an exchange.
One reason, a US based ETF gets access to BTC to capital in accounts with limited permissions.
Many US retirement investment accounts are limited in what assets they can hold, so a Canadian or international ETF is not available.
Thinking more adversarially, there are ways an ETF can influence the future of the network. For instance, they could engage in shorting & price controls in a similar manner to what folks allege has been going on with gold for decades. Another way is by promulgating their own fork of BTC and shorting or refusing to hold coins that are not their fork.
So basically, if I understand, It would allow third party ( retirement funds ) to buy paper Bitcoin ?
And people are cheering for that ? Seems like being a bozo to me :/
For what it’s worth, I know almost no one who is cheering for it 🤷♂️ Sentiment seems mostly negative.
https://void.cat/d/7Et4yUbrh3V2A2ZDRTXpfM.webp
bulltard got almost 800k followers 🤷♂️
I see… these look like “crypto” accounts, so who knows what their motivations are… They could be right about an ETF approval catalyzing price action in the 1-2 yr timeframe. Most Bitcoin bull markets have catalytic start-up events involving large amounts of spot Bitcoin accumulated by new holders. But if I had to guess, they just want their bags pumped.