Oddbean new post about | logout
▲ ▼
Kendy | 7 months ago (raw) | root | parent | reply | flag 
 I have doubts that comment is accurate. Fidelity is a broker dealer and custodies their own Bitcoin for their FBTC ETF.
▲ ▼
benthecarman | 7 months ago (raw) | root | parent | reply | flag 
 I think he knows what he's talking about
▲ ▼
Kendy | 7 months ago (raw) | root | parent | reply | flag +1 
 I just disproved his claim with an example. Doesn’t seem like it.
▲ ▼
benthecarman | 7 months ago (raw) | root | parent | reply | flag 
 Maybe @hong can answer better
▲ ▼
SHSS | 7 months ago (raw) | root | parent | reply | flag +1 
 You can buy bitcoin the asset on Choice by Kingdom Trust and probably Fidelity too and have Fidelity custody it for 1% annual fee. I’m not sure you can redeem in kind, but they definitely custody bitcoin and have been before the ETF got approved
▲ ▼
Han Sanders | 7 months ago (raw) | root | parent | reply | flag 
 I think he mentions just that? " a huge firm like fidelity ppl are fine with sine they trust apriori but a new firm like bitwise if we said we did self custody then many prospective investors would raise eye brows" 
What is the inaccuracy?
https://stacker.news/items/454701?commentId=454906
▲ ▼
Kendy | 7 months ago (raw) | root | parent | reply | flag 
 “for example broker dealers (regulated by FINRA and SEC) aren't allowed to custody bitcoin or really touch it in any way”

This part appears inaccurate