/biz/ - Business & Finance

Holy fuck how did /biz/ miss this news?
https://www.youtube.com/watch?v=cQLFQkIkRLA

What's stopping someone from making a publicly traded "company" that is bitcoin backed? I.E. the operations of the company are basically just have an IPO with a certain number of shares and then buy a bitcoin for each share and simply hold them. They could issue more stock any time the existing shares are trading above the value of bitcoin. This would basically be a de facto bitcoin ETF. I had this idea while looking at Squire Mining, which is a publicly traded bitcoin mining company and therefore it's stock price is somewhat related to bitcoin (although their operations obviously have a more substantial impact on the price.) Would the SEC prevent such a stock from having a IPO and getting listed? Are regulations for IPOs and listings less stringent than an ETF creation? explain why this idea is retarded because i'm sure i'm missing something.