I mean it is that hard to actually read the S-1 (publicly released). It isn't a company it is an ETF and the Bitcoins are held by a trust. 0.2 BTC per share issued. The trust can't spend any of those Bitcoins not a single Saotshi for anything... ever. The trust simply keeps 0.2 BTC * the # of shares outstanding. Nothing more, nothing less.
Just to clarify a little, this is incorrect. While the original ratio will be 0.2 BTC per share, that will decay over time, and the trust
will spend a portion of those Bitcoins. There is nothing sinister or odd about this -- it is, on the contrary, common and entirely expected by investors.
As I mentioned earlier in this thread, the relevant passage is on pp. 40-41 of the filing:
https://bitcointalk.org/index.php?topic=248013.msg2636138#msg2636138Specifically:
"The Trust will transfer Bitcoins to the Sponsor Custody Account in payment of the Sponsors Fee and transfer Bitcoins to the Trust Expense Account and sell Bitcoins to raise the funds needed for the payment of all Trust expenses not assumed by the Sponsor... As a result of the recurring transfers of Bitcoins to pay the Sponsors Fee and the Trust expenses not assumed by the Sponsor, the net asset value of the Trust (NAV) and, correspondingly, the fractional number of Bitcoins represented by each Share, will decrease over the life of the Trust."
Again, there is nothing in any way surprising about this.