Yes. I understand the first part of your response. What confuses me regarding the APs is they can create shares of the etf with cash, without actually buying bitcoin. That seems clear. What is the mechanism ensuring that some entity (presumably BlackRock?) purchases actual bitcoin with that cash, and when? Can the price be manipulated in the interim? Moreover, how can BlackRock be sure about the number of shares created or redeemed by the AP? It seems like it would be easy if the AP was directly acquiring and selling the bitcoin to match the shares. Maybe I'm just overly suspicious since I still don't like the ETFs to begin with.