They have been for years. All that's left to do is create the infrastructure and short to mid term demand to sell the coins they accumulated throughout the years to a bunch of suckers buying into that demand.
I'm pretty sure there has been some institutional presence in the previous years, but they aren't building the infrastructure to unload their bags. If that was their intention, they could have done that easier without the infrastructure we have today, which they spent millions uppon millions on and in some cases they suffered reputational damage like CBOE.
CBOE withdrew its futures and they can't get an etf to be approved despite their continuous efforts. It's the second largest exchange known to man, yet they can't force success.
Their current
"limited etf fund" hasn't attracted much capital at all. It's truly a fail. There is currently only ~64BTC in the fund, and we don't know if these funds belong to Vaneck or actual institutional investors.