we prob won't build our own custody solution b/c since stuff like bernie madoff, it's very much expected from tradfi investors that the fund issuer shouldn't be the custodian as well since there's more room for fraud in that setting. a huge firm like fidelity ppl are fine with sine they trust apriori but a new firm like bitwise if we said we did self custody then many prospective investors would raise eye brows

centralization with coinbase custody isn't great but it is also undeniable that they have the longest / best track record with the largest amount of bitcoin. we're definitely open minded tho. over the long term i think a onchain multisig collaborative custody type model where multiple institutional custodians would need to be compromised at once for the bitcoin to be lost would be ideal. there's challenges to navigate in that world tho since "who is the custodian?" type things become harder to answer regulatory wise etc.