Equity ETF investors are only concerned with the share price and not worried about anybody stealing their ETF holdings. Bitcoin ETFs have the unique complexity in that you can be the legal owner of the ETF, but the Bitcoin held by the ETF can be hacked, thus making your ETF holding worthless.
A question for me is then, is there a significant institutional investor base that can reasonably be expected to make ETF investments given this risk and given regulatory requirements and tickboxes for investable assets?
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