Bitcoin ETF custody concentrates power in one place, and now a single operational failure causes dangerous ripples

When markets are closed and Bitcoin is moving, the custody agreement decides who can act. A spot Bitcoin ETF fixed an awkward problem for finance. Bitcoin used to arrive as software, keys, and operational responsibility. The ETF repackaged it as a ticker that sits next to every other ticker. That convenience came with a structural trade. Most ETF buyers get exposure while someone else holds authority. Gannett Trust f…