They are backed 1:1 with…

They are backed 1:1 with Bitcoin but there may be a premium for not having to do an onchain transaction to get them to the 2nd layer.…

Most of Blackrocks customers are going…

Most of Blackrocks customers are going to be fiat people that want a little exposure for number go up. Nobody who understands bitcoin well enough to self custody is going to venture from their cozy fiat prison…