I had thought of Casa in comparison to Bitwise. Casa probably has to deal with Ethereum custody directly for their products, so I can see why it's turning into a huge burden for them. I remember that @Jameson Lopp has done a lot of work into Ethereum self custody and node running.
Bitwise would get someone like Coinbase to do that part for them, so it makes sense for them to wrap an ETF around it like they did with Bitcoin. Is this on the right track, @hong?
yes. we’d use a third party custodian (like coinbase as you suggested or fidelity/anchorage/bitgo/etc all support eth custody out of the box as well).