According to CoinMeta, as reported by Coinpaper, if a ETF provider goes bankrupt, is the investor's Bitcoin safe? Buying spot Bitcoin ETF does not mean handing over funds to an asset management company and receiving the Bitcoin held by that company. Taking Blackstone's IBIT as an example, its SEC filed prospectus shows that this structure is an independent Delaware statutory trust, with assets mainly consisting of Bitcoin held on behalf of the trust by a custodian. Investors own a portion of the beneficial interests representing the net assets of the trust. If the sponsoring company ETF faces financial problems, the Bitcoin ETF held is not simply listed as the sponsoring company's ordinary corporate Bitcoin. ETF Investors also do not directly possess the private keys but instead own shares in a fund that provides exposure to the Bitcoin economy. A larger issue is that if the custodian fails, it is the custodian's responsibility to protect the actual Bitcoin of the fund. The specific consequences of bankruptcy will depend on the fund's legal agreement and custody structure. In other words, "the bankruptcy of a ETF provider" and "the bankruptcy of a Bitcoin custodian" should not be considered interchangeable events.