I can imagine that custody was considered to be a good selling point. If you can get exposure to BTC through an ETF without having to secure your own BTC, there

I can imagine that custody was considered to be a good selling point. If you can get exposure to BTC through an ETF without having to secure your own BTC, there's significant value there. I.e., centralize security in HoldCo, sell shares in HoldCo to give safe access, share security expense and take a small piece off the top for your troubles.