THE STREET · 2026-11-02 21:30 UTC

Trezor CEO says Bitcoin ETFs aren't the same as owning Bitcoin

Trezor CEO Matěj Žák argues that Bitcoin ETFs are 'paper Bitcoin' that give price exposure without true ownership, as investors don't control private keys or have direct blockchain access. Žák advocates for self-custody of Bitcoin, citing FTX's collapse as a risk of centralized intermediaries and noting ETF fees as an additional cost. Recent security incidents at Bitget ($387M unauthorized transfers) and Ledger (supply chain breach) highlight custody risks, though self-custody users remain responsible for securing their own recovery phrases.

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