Also, at some point, post the etf approval and launch which should close the GBTC discount, I’ll probably buy spot Bitcoin. This is all in my Roth, so I’ve got to roll it over to some place that will let me do that like unchained. And for various other reasons, I wasn’t able to do so.

Also, I’m not too worried about counterparty risk or seizure of bitcoin by the government in the immediate future. So, I wanted to trade my way into more bitcoin than I would otherwise have. But I do think both are real risks in the medium to long term. 

 Why will the ETF approval close the GBTC account? I have funds in both - MSTR & GBTC - and have been wondering about the approval's expected impact on both. 

 Not the account, the discount. The etf approval should mean more people buy it, & once it’s launched, people will redeem until the discount closes. I think MSTR is being priced not just for its operating company + the bitcoin but also as a Bitcoin etf. So when an etf with much lower fees and more reputable than grayscale launches, that should reduce the MSTR premium some (by premium I’m talking about the price of MSTR over the value of its Bitcoin holdings).