Good news!
The fees at GBTC seem excessive and competition will only help both fees to decrease, but also lockups and the premium people were willing to pay to buy GBTC. If the SEC would stop being such luddites, they could resolve the issue quite quickly by just approving the ETF.
it's good news but given that it's a small canadian fund, i don't have the highest hopes. they currently hold ~5600 BTC vs grayscale's ~650k. that first mover advantage is significant in terms of the public market's liquidity, and that really matters to investors and traders, especially since ninepoint is a relative unknown. if you think about it, 1.3% annually (what shareholders would save by switching from GBTC to BITC.U) is nothing compared to bitcoin's potential price movements.
when the SEC finally approves a fund available to non-accredited investors, it'll be a game changer for sure. the american retail market (not to mention investors like pension funds/asset managers) is still largely untapped.