" Blackrock currently hold approximately 572,000 BTC. it's actually Coinbase holds 572,00 bitcoin for Blackrock on behalf of IBIT holders."
What does it actually mean?
Bitcoin ETF realities vs Bitcoin ideals
This isn't semantics - it's centralization with extra steps:
1️⃣ The Illusion of Ownership
IBIT investors don't hold keys (just paper claims)
Coinbase controls the coins (single point of failure)
BlackRock controls the votes (governance via ETF flows)
2️⃣ The Custodian Trap
Same 572K BTC appears on:
Coinbase's balance sheet (custody assets)
BlackRock's AUM (marketing materials)
SEC filings (regulatory theater)
Real control? The NYSE halts trading during volatility
3️⃣ The Irony
Bitcoin's "be your own bank" now means:
You: Pay 0.25% fee to BlackRock
BlackRock: Pays Coinbase to play bank
Coinbase: Uses your coins for lending collateral
The Brutal Truth:
This 572K BTC isn't 'adoption' - it's financialization turning Bitcoin into:
☞ A collateral pool for Wall Street
☞ A revenue stream for intermediaries
☞ A worse version of gold ETFs (with more counter-party risk)
Final Question:
When the SEC approves spot BTC 401(k)s, who exactly is 'escaping the system'?
Coinbase holds ~1M BTC across all custodial accounts - making them more powerful than Satoshi.
