Etf holders don't own Bitcoin Blackrock doesn't own Bitcoin Coinbase owns it all. You can only own Bitcoin if you have the keys. Period.
That makes coinbase a HUGE target, lets say IF someone was able to break the coinbase vault, those people would be SOL (not Solana) but shit outta luck
Big facts!
I have the keys to my house. Does that mean the bank doesn't actually own it?
Your keys open the door. The state secures your house and land and can be taken from you at any moment. Happens all the time, imminent domain. You also only own it insofar as you pay your property taxes. Your Bitcoin is secured by hash power and cryptography and cannot be taken from you unless you hand over or lose the keys.
I think you only *control* Bitcoin if you have the correct key(s), but ownership is something that the hyperbitcoinized world will slowly need to redefine in their minds. Coinbase may not own your Bitcoin, but they can certainly steal it from you. Just my two sats.