yeah fair question. i'm currently exploring the multi institutional multisig custody model (have talked to the unchained folks about it for example). the tricky thing about this is that it's harder to answer questions like "who has control? who is the custodian?" in the regulatory sense etc. long term i think it's the right strongest security model but there's some ways to go for it to be well understood enough for it to be a practical solution for ETFs i think. that's my current thinking but trying to get sharper on it.

just on the note about coinbase. i get the frustration but it is also undeniable that they have the longest / best track record with the largest amount of bitcoin being custodied. they have a really strong security practice.