For FBTC, custody is handled by Fidelity Digital Assets, a separate entity within Fidelity that specializes in the custody of digital assets, thereby ensuring specialized oversight and management.“The issuers of IBIT and FBTC are BlackRock and Fidelity, two of the largest and oldest financial institutions, and they have a vested interest in maintaining their reputation,” Krueger asserted.“Their reputation is at stake, and this is a big deal,” he emphasized, suggesting that these institutions would not risk their credibility by engaging in the sale of non-existent Bitcoin.
Krueger began his analysis by acknowledging the prevalent skepticism in the market.“There’s all this paper Bitcoin, and ETFs don’t really have the Bitcoin, and if they were buying all this Bitcoin, how come Bitcoin price is not higher? ” he stated, encapsulating the core concerns of many investors.
Related Reading: Bitcoin To Hit $125,000 By Year-End If Trump Wins, Says Standard Chartered Addressing the core concern about ETFs holding “paper Bitcoin,” Krueger provided specific data to refute this notion.“The reality is the ETFs have zero pure paper Bitcoin,” he stated unequivocally.
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