Who is consistently presenting this false narrative, though?
Some of the pumpers appearing on CNBC, such as Tom Lee and Chamath Palihapitiya. Some people on SeekingAlpha. And some of the idiots on StockTwits too.
It doesn't have to be the "only available pure-play way of gaining exposure to bitcoin" for it to still be the one that is *most* available to investors.
*most* investors it is true don't use Fidelity, but *all* of those investors could move their accounts to Fido, or open new ones there. Saving a 54% premium by buying COINXBT (or COINETH) instead of GXBT makes such a move worthwhile, imo. Even if someone is a very small investor, and owned 1 pre-split / 91 post-split shares, worth $1418 at yesterday's close, there is a potential $495 savings...which for a *small* investor, potentially is very significant. And if someone has 910 or 9100 or 91,000 shares...