Bitcoin Magazine Podcast Why Bitcoin Sovereignty Beats ETF Convenience w/ Trey Sellers of Unchained | BFC Show Ep 31
Apr 4, 2026
Trey Sellers, an executive at Unchained who moved from Goldman Sachs to building collaborative Bitcoin custody, discusses 2-of-3 multi‑sig as a practical security model. He contrasts ETF convenience with holding real Bitcoin and explains Bitcoin‑backed loans, commercial lending, no rehypothecation, and how Bitcoin fits into FIRE and long-term wealth building.
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Collaborative Multi‑Sig Is The Practical Gold Standard
- Multi-signature collaborative custody provides fault tolerance while keeping clients close to their Bitcoin.
- Unchained uses a 2-of-3 multi-sig where the client holds a key, Unchained holds a key, and a bank partner holds the key agent for recovery and succession.
Don't Treat ETFs As Equivalent To Holding Bitcoin
- Avoid equating ETFs with owning Bitcoin because ETFs are shares in a fund and charge ongoing fees.
- If you want real Bitcoin sovereignty, choose a custodian that allows in-kind withdrawal or move ETF holdings into a Bitcoin IRA to avoid taxes where possible.
Loan Product Led To Unchained's Vault And IRAs
- Unchained began in 2016–2017 offering Bitcoin-backed loans to provide liquidity without selling Bitcoin.
- That loan product led to building the collaborative custody vault and additional account types like IRAs and trusts.