Tether advisor Gabor Gurbacs wrote on X platform that some publicly traded companies already hold billions of dollars worth of Bitcoin on their balance sheets, some of which were transferred from trading platforms and some of which were mined. He believes that limiting the creation/redemption of a physically-backed Bitcoin ETF to only cash is "baseless". Even Hong Kong, which is more open than US regulatory agencies, is in the midst of a competition to relax rules, which will bring capital/competitive advantages. Gurbacs also stated that considering publicly traded companies hold Bitcoin from various sources, he does not believe that pure cash creation can be sustained for too long. Creating and redeeming physical assets is more efficient and better for investors, issuers, and AP/MM, and issuers will fight for this.