The answers to these questions and more are publicly available here: https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm https

The answers to these questions and more are publicly available here: https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm https://www.sec.gov/Archives/edgar/data/1980994/000143774923... > An investment in Shares is: Backed by bitcoin held by the Bitcoin Custodian on behalf of the Trust. > Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must be a registered broker-dealer, a participant in DTC, have entered into an agreement with the Sponsor and the Trustee (the “Authorized Participant Agreement”) and be in a position to transfer bitcoin to, and take delivery of bitcoin from, the Bitcoin Custodian through one or more accounts. The Authorized Participant Agreement provides the procedures for the creation and redemption of Baskets and for the delivery of bitcoin in connection with such creations or redemptions. A list of the current Authorized Participants can be obtained from the Trustee or the Sponsor. This is all very standard and no more or less of a scam than other ETFs.