Think of it as a stepping stone. And think more of institutions than plebs.

Companies that don't want the hassle of what Saylor went through with MSTR but still want exposure to Bitcoin can use this investment vehicle more conveniently. Eventually, they might decide to pivot into self custody.

Eventually, a follow-up to this fund might be a true spot ETF (as in the Bitcoin is really (supposed to be) there) which, again, is more convenient to your average boomer who already has a brokerage account and is familiar with the stock market.

I consider this slightly bullish for adoption and definitely bullish for price in mid-term (because even if it's done via futures, there will be some underlying buying pressure on the spot market). It's up to bitcoiners to continue evangelizing self-custody.