Oddbean new post about | logout
 My understanding was the ETFs have to own the underlying coins in full, limiting the potential to pull an FTX. Is that not true? 
 Required is such a strong word that requires so much trust. 
 Devil is in the details id imagine.  Fidelity is building out its own self custody infrastructure but i believe th rest are using coinbase as a custodian.  So coinbase will be moving a bit of paper between the accts i guess 🤷‍♂️  
 Fidelity did have their own trading platform for a bit before the etf too.