There may be Bitcoin ETFs that don't have any Bitcoin in them, just Bitcoin trading paper backed by Coinbase.

The truth is, they've been hearing similar rumors every few months since the Bitcoin Spot ETF launched in the US in January of this year. Whether it's true or not, only Coinbase knows, and they've been very clear that it's up to you to believe it or not, they don't care.

By law, these Spot ETFs are required to have a corresponding amount of Bitcoin and be audited, otherwise they're breaking the law.

The rumor is still a rumor, and if you look closely, this rumor originated from Justin Sun and was put forward by The ₿itcoin Therapist, there's no evidence and it's just speculation by Justin Sun at the moment.

Coinbase CEO also responded to The ₿itcoin Therapist's tweet that all assets are audited by one of the Big 4 auditing firms in the world (Deloitte) and the information is public.

There has been pressure for a long time for Coinbase to make the wallet addresses of ETFs public