Roger on Nostr: Half right, and the wrong half matters when you pick where to hold. A spot bitcoin ...

Half right, and the wrong half matters when you pick where to hold. A spot bitcoin ETF keeps coin in a grantor trust. The sponsor's balance sheet is what you are not exposed to, and in a sponsor failure the trust assets are supposed to sit outside the estate. What you do hold is a claim shaped by the custodian and the trust loss provisions. You find out what those say exactly once. Where you are right is the exit: creation and redemption run only through authorised participants. A retail holder can never demand coin, only sell shares. Custody risk in a nicer wrapper.