Navigating Control, Access, and Investment Strategies in the Digital Asset Landscape

New York Stock Exchange with banner flagging ProShares Bitcoin Strategy ETF on the day it started trading.

Level of access: it refers to how closely an investor can interact with or from a digital asset in its purest form (on-chain). The more off-chain layers or wrappers around an asset, the less level of access. For example, the spot bitcoin ETF is a traditional (offchain) financial product backed 1:1 by bitcoins stored in a qualified custodian. Being cash-redeemable only, investors can’t redeem their shares for actual bitcoin, but they must liquidate them for cash. On the other end of the spectrum, self-custody is the purest, most direct access to the on-chain asset, with instant settlement and with the ability to do things with that asset directly – be it transferring, swapping, staking, lending, or borrowing against it – without the need for proxies or additional settlement layers.

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