Millions of investors hold IBIT shares believing they have exposure to Bitcoin, but the actual ownership chain running through a Delaware trust, a crypto custodian, and a handful of authorized traders tells a more complicated story.
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Many investors in BlackRock’s Bitcoin ETF might think the fund manager owns the Bitcoin. However, the iShares Bitcoin Trust ETF (NASDAQ: IBIT) has a different structure. While BlackRock (NYSE: BLK | BLK Price Prediction) manages the fund, a separate legal trust holds the actual Bitcoin (CRYPTO: BTC), and Coinbase (NASDAQ: COIN) acts as custodian and holds the…
