They already cashed out: into bitcoin.
I'm afraid to admit that I agree.
Lots of people laughing at them, while they own a big piece of the most promising technology of the century.
Right, I'm sure they are planning on spending bitcoins someday... that's why they are creating an ETF so that people can spend their ETFs on goods.
If they are talking to investors, I doubt their plan is to say, invest in this currency & then spend it... nope, the people are going to want to cash them in for a USD return.
Can't they start buying more BTC with investors money if the ETF gets accepted while keeping their own stash?