That’s always a possibility. But if you want your thing to succeed, you’ll probably put in every bit of effort to kill competition and sell pressure is great for that.
Discussion
Keeping Bitcoin as collateral & do a marketing push on how much better their own #ETFcoin, or Bitcoin 2.0, would be is a low hanging fruit for them to push through their developed investment network. They could even push their fork as their option in the GBDC arena. Complete control & "safe" custody through BNY Mellon.
There are so many options opening up for them it's dizzying really. Potential huge attack vector.