You are 100% wrong. It is true that the investment funds would act as an intermediary, owning the bitcoins directly while the investors held shares of the fund, however the amount of bitcoins held by the fund and the number of shares sold is NOT LIMITED. In other words the companies WOULD be buying truly massive amounts of extra bitcoins as they sold shares to investors.
I'm afraid you don't understand what an ETF is, nor how it works. Commodity ETFs are required by law to buy the underlying asset. The value of each individual share is determined directly by the market value of the underlying asset. The value of the entire ETF is determined by the number of share (fungible) multiplied by the amount of underlying asset that each share represents. It's very simple, when a gold or silver ETF sells shares they are REQUIRED BY LAW TO BUY AND HOLD a corresponding amount of the underlying asset. So if investors buy shares of a gold ETF and each share was equal to one gram of gold the ETF WOULD BUY a gram of gold for each share that investors purchased.
The Bitcoin ETFs will function in exactly this way. The more people invest in them, the more the ETFs will have to buy bitcoins from the market, the higher bitcoins will rise in value. When they launch and if they are moderately successful bitcoin prices will see new highs probably at least 10x higher than the current all-time-high. When this will happen is anyone's guess but, barring a complete technical failure of bitcoin, it will happen.
If you don't believe me, just educate yourself, simply google "bitcoin ETF' and you will find endless articles explaining it. Here is a quote and a link to a good little article about this issue:
"The Winklevoss Bitcoin ETF would work in a similar way to commodity-based ETFs like those for gold and silver, with the Trust buying the bitcoins to back the ETF shares. The filing proposed that the Trust would purchase one bitcoin for every five shares of the ETF."
http://moneymorning.com/2014/02/05/winklevoss-bitcoin-etf-game-changer/well stuff like the bitcoin investment trust and other things like the winklevoss investment company are not actual bitcoin purchasing companies.
yes they have in the past bought bitcoins to declare a bitcoin asset value. but now their clients (investors) are not buying actual bitcoins. but a share of a company that owns bitcoins.
so when bitcoin price goes up. they declare their business is worth more without buying a single extra bitcoin. this is not bitcoin investments. this is company shares backed by a fixed asset measured in bitcoins..
these companies are not injecting extra money into the bitcoin market cap. the investers are throwing money into the company and thats as far as it goes..
it give publicity to bitcoin but not extra investment