BAS Webinar: Paper Bitcoin – What Does It Really Mean?
The term “paper bitcoin” appears more and more often in discussions around ETFs, exchanges, derivatives and custodians. But what does it actually mean?
Is it simply ETF shares representing bitcoin exposure?
Is it exchange balances held in custody?
Is it derivative exposure?
Or is it a misunderstanding of how financial infrastructure works?
In this free online workshop, we will take a structured look at:
• How spot Bitcoin ETFs function
• Creation and redemption mechanics
• The role of market makers and custodians
• The difference between spot bitcoin, ETF shares and derivatives
• Custody, reserves and proof-of-reserves concepts
• Where structural complexity creates uncertainty
The goal of this session is not to promote a specific narrative.
It is to clarify mechanisms.
We will start with a short visual explanation of ETF plumbing and bitcoin custody structures, followed by an open discussion and Q&A.
This workshop is designed for people who want to better understand:
What is real structural risk?
What is simply market design?
Where are the grey areas?
As always, the truth is rarely black or white.
Speakers: Gurjeet Kundi & Patrick Heusser, moderated by Jan Brzezek
Format: Short input + open discussion
Platform: Jitsi (link shared after registration)
About the Speakers:
Gurjeet Kundi has most recently been the Head of Trading, Managing Director at Tradias one of the leading European trading houses for cryptocurrencies and digital assets. He was also the former Managing Director and Head of Trading of 21Shares. Prior to his tenure at 21Shares, Kundi accumulated over two decades of experience, notably serving as the Head of ETF Trading Europe at Deutsche Bank and as the Head of ETF/Delta one flow at Bank of America Merrill Lynch. In addition to this, Kundi spent eight years in ETF market making at UniCredit and two years as Head of cross-asset ETF trading at Mizuho.
Patrick Heusser is a seasoned investment banker, trader, and portfolio manager with over two decades in global interest-rate markets. His core expertise lies in risk management, yield-curve construction, and portfolio design, complemented by deep proficiency in quantitative analytics and cash-management strategy. An early adopter of digital assets, Patrick now applies his rigorous market insight to building robust lending and trading solutions across both traditional finance and crypto markets.
Educational only. No financial advice.