Good point, so if Coinbase is the fiduciary for the ETF's, which they are, and if they are not getting audited, which they aren't, they could be doing anything. Including fractional reserve banking the Bitcoin. It seems reasonable to assume they are not holding all the Bitcoin they are selling, but since they are now in the big boys club, maybe this doesn't matter to them anymore. Which raises the question, how much reserve are the holding, or how much leverage on the Bitcoin are the allowing?