whatever am I better off holding the ETF than the Bitcoin which I think the hardcore Bitcoiners rightfully so are like well that's kind of against the Bitcoin ethos what are those conversations like with uh with with potential or actual ETF holders. >> When we when we first launched IBIT, we weren't able to do inkind from a regulatory perspective, but that had evolved and and were able to do in kind transactions, meaning um through various third parties, someone who owns enough BTC can effectively kind of exchange that for IBIT. Um I was with you. I I thought this was more of kind of a security piece that people who are
whatever am I better off holding the ETF than the Bitcoin which I think the hardcore Bitcoiners rightfully so are like well that's kind of against the Bitcoin ethos what are those conversations like with uh with with potential or actual ETF holders.