Das verstehe ich nicht.
ETF muss doch mit echten Bitcoin hinterlegt werden.
Das hatten wir doch am Anfang, als die ETF Geschichte aufgekommen ist, mal genau angeschaut. Soweit ich mich erinnern kann, war damals nur eine (kleine) Teildeckung vorhanden. Unklar war auch, ob diese im Verlauf angepasst werden muss und welche Schlupflöcher die Formulierung im Prospekt bietet.
Hat sich hier etwas verändert?
Zu den damaligen Bedingungen war mein Fazit: Finger weg vom ETF!
Danke.
Teildeckung! Denn würden die Bitcoin Fons doch alle zwangsläufig Pleite gehen. Investoren bei 8.000 rein und bei 80.000 raus würden doch gar nicht ausgezahlt werden können.
Hier ist eine ganz nette Erklärung.
This is going to be an exchange traded fund (meaning something that trades like a stock on a stock exchange) designed to track the value of bitcoin. It's going to be for wealthy people only, because 1 share (the smallest amount anyone can buy) is going to be worth 25 BTC. So right now you'd need over $150K to buy in. Remember, there's no such thing as fractional shares in the stock market.
All the rest describes how an ETF works (skip this part if you just don't care).
They're creating a trust company that will hold the bitcoin in secure multi-sig cold storage, with copies in several different geographic locations to keep from losing funds to, say, a small nuclear strike. The BTC will also be 100% insured. The ETF shares are really shares of the trust company and its assets, not quite actual bitcoin, but the company only holds bitcoin and the bit of cash it needs to do business. So mostly the shares represent 25 BTC.
ETFs are sold through authorized broker dealers, who can buy or sell shares in the trust but only in "baskets" of 5 shares at a time. So they can give the trust 125 BTC (or cash equal to the current price of 125 BTC) and receive 5 ETF shares, or they can give the trust 5 ETF shares and get 125 BTC (or cash equal to the current price of 125 BTC). Of course there will be additional fees, always.
Those authorized broker/dealers then can arbitrage the shares vs the value of BTC to keep the price of the shares roughly in line with the BTC market price and make $$$. Ordinary rich people have to buy individual shares from the broker/dealers or on an exchange.
If you think all of this would be a lot simpler and safer with a blockchain, then you're probably a real bitcoiner, not a rich person who will be buying shares of this ETF.