I am not sure what will occur in this case. However, typically when a commodity ETF launches or has an equity offering, the investment vehicle should first raises funds from investors and then purchases the underlying assets.
If they have raised cash but haven't bought coins, that's a huge deal. $150 million would raise the price of bitcoins massively.
If they've already bought coins, they probably had a lot to do with the runup from $100 to $1000. It's less of a big deal.