IMO, the only reason to buy the ETF is to be able to rotate out for the bear market, day trading, and options trading. Companies that put actual BTC on their balance sheet will prove to have a firm understanding of what they own, why they own it and show shareholders that they have their best interests in mind by avoiding counter party risk across multiple levels. 

 Agree, but if Coinbase is really selling debt instead of exchange-traded bitcoin to ETFs, then large buyers at this stage are better off buying an ETF without much influence on the price of BTC. Bye more for lower is future profits.

Declaring a commitment to Bitcoin standard for tradfi is still a bit risky, while trading funds is common practice.