Good point.
As you knwo, if you read theis threead, I am not a big fan of Grayscale.
But htey actually cleared the way for the new vehicle, showing that the market wanted a lean, effective, safe and tax-efficinent way of storing bitcoins.
Of course as more and more competitor start flowing th this new honeypot, Grayscale is going to lose market share, but I think the market will eventually get bigger and bigger, so they will be able to manage their competititve advangatage.
Think about Tesla, the car maker, not the bitcoin investor. Every time a new competito in the industry is launching a new model the press calls that a "Tesla killer", when in reality is a "ICE Killer". Tesla could lose makret share in the electric industry, but can thirive if the industry gets bigger and bigger.

Same things for Grayscale: for sure more competitors can join the makrte, but the real losers will be those standing out of the market, not Grayscale.