Let's straighten this out for all you Doom & Gloom Boomers still peddling your re-hypothecation fairy tales. GLD isn't re-hypothecated. SLV isn't re-hypothecated. IBIT isn't re-hypothecated. IBIT's got every last Bitcoin it says it does – no "paper Bitcoin" nonsense. And the government's not seizing it, princesses. These are facts.