with all this messy way this quazi etf works why is not the following also possible until (if ever) COIN arrives.
I set up a company in a country (X) that sees bitcoin as a commodity. I buy 20,000 bitcoin. I then set up a company in the US for example which buys company x. The US company has 1 million shares. People are able to buy the shares and sell them to others as well.
I make some money on fees and an etf like product is immediately available to people - no year long wait etc.
Comments?
Creating a shell public company that has freely tradeable shares in the US is not easy. They are known as "blank check" companies and use to be the source of lots of scams.
There is a current version known as a SPAC (Special Purpose Acquisition Company), but there are many restraints on what they can do, and you still have to generally describe the type of investment you're going to pursue. If you said you were going to acquire bitcoin, you'd get stuck in the same quagmire as COIN.