So, he doesn't really have $$$ backers but rather wants to represent a pool of old money bitcoiners to the money bags of wall street to start something.
Which is not a bad business model.
It makes sense for larger holders of bitcoins to be able to be part of a large co-investment vehicle and allow shares in that vehicle to be sold over time to new buyers into Bitcoin who want to buy in an easier way. Saves disturbing the small traded market. I also imagine there are a few people who have recently become worth quite a lot in Fiat from Bitcoins and don't really know what to do with them regarding selling, tax and subsequent asset diversification and have no idea about who to discuss it with given the sharks, scams and general bad behaviour that is so often around Bitcoin and this forum.
PS I did work in MS on the trading floor, so am quite amused by the name calling. Happy to prove my identity privately to anyone who is willing to do likewise.