SIPC
SIPP INDUSTRIES INC NEW
stock OTC

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the ETFs are not covered by SIPC. What happens if BlackRock gets their coin hacked? Too bad for you.
Understanding self-custody and actually owning the underlying asset is more important than buying "shares" of a financial institutions holdings and hoping the "number goes up".
I hate what this Coldcard incident has done to the logic here.

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Then you’re covered by the SIPC, which covers holdings in brokerage accounts. Your place in line relative to shareholders is completely irrelevant.

> The reason banks and financial institutions are “safe” is because even if they get hacked and lose your money, they have a liability to repay you back
bitcoin ETFs would fall under SIPC insurance
SIPC insurance only protects security holders in the event that their brokerage fails to maintain custody of their securities
SIPC does not cover capital losses from decreased market value of securities
if some portion of IBIT or FBTCs bitcoin were stolen, the market value would drop and SIPC would not cover the loss because that isn't what it exists to do

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You fail to understand what it means to trust a custodian. It doesn’t mean you get robbed by them through some evil mustache twirling villainous way. It means regulations, sanctions, garnishment, all kinds of things can be applied to your assets against your will in an “above-board” way that wouldn’t trigger SIPC insurance. Why can they do this? Because they aren’t your assets. They’re *their* assets that they have promised to you, and they are going to comply with legal force and company policy, at your expense.
Imagine you want to sell your position and when you go to log in your account gets flagged for suspicious activity for whatever reason, blocking you from doing so until you can get in contact with support and clear it up. Or imagine due to some new law, an unrealized gains tax is levied against your position. Or imagine just as a matter of policy, the broker requires you to wait 7 days before executing a large transaction.
These are examples of counterparty risk that are more realistic than the idea that your broker gets rug pulled in some way (though that is of course also a counterparty risk as well), and they don’t trigger SIPC insurance.
The alternative (self custody) also comes with risk, as we just saw very violently. This is why it’s a personal call and I don’t judge anyone for whatever they choose, I just want them to be aware of what the trade offs are.

The custodian funds at almost every broker are SIPC insured up to $500,000. And that’s per custodian so you can open multiple accounts.
I really can’t see a problem for 99% of people.

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This has been removed for violating rule #2: **limit discussion of securities and investments**.
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This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
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the ETFs are not covered by SIPC. What happens if BlackRock gets their coin hacked? Too bad for you.
Understanding self-custody and actually owning the underlying asset is more important than buying "shares" of a financial institutions holdings and hoping the "number goes up".
I hate what this Coldcard incident has done to the logic here.

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our [monthly discussion post](https://www.reddit.com/r/fidelityinvestments/comments/1vdiv0u/monthly_investing_discussion_thread_investing/).
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*

This has been removed for violating rule #2: **limit discussion of securities and investments**.
Thanks for your post seeking investment advice or discussing specific securities. Please keep all conversations about portfolios and specific investments in our monthly discussion post.
Fellow Redditors may offer an opinion on investments. Fidelity doesn’t endorse any of the expressions, opinions, or content posted by non-Fidelity members or any third parties on  r/fidelityinvestments. Do not rely on comments to form the basis of an investment decision.
Always make sure to do your due diligence before investing. Remember to look for the “Community Care Representative” flair to make sure it’s us.
*Fidelity Brokerage Services LLC, Member NYSE, SIPC*