Bloomberg analyst Eric Balchunas reports the update regarding the custody arrangement, noting that a ticker symbol has not yet been announced.
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Summary
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Terms & Concepts
Custodian: A financial institution responsible for safeguarding a client's financial assets to prevent theft or loss, a critical requirement for regulatory approval of crypto ETFs.
Spot ETF: An exchange-traded fund that holds the actual underlying asset (such as cryptocurrency) rather than derivatives, offering direct price exposure.