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How does IBIT(Blackrock Bitcoin ETF) work internally?

Bitcoin Reddit

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Do they directly hold Bitcoin?
Do they maintain this ETF regularly? If yes how does it affect the ETF price? For example, say they sell before a bear market.

What are they doing about the tima gap? Say Bitcoin drops 25% on a Weekend but the ETF holder can't do anything about it. How does it affect them?

I am fairly new to this field and would greatly appreciate if some one can answer these questions.

submitted by /u/shubh_nkr
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