Lets simplify this thing.

Once we get the legal framework, we need a seed capital. With it the BTC Fund will buy a certain quantity A to be able to maintain liquidity. The Fund will hold as many bitcoins as shares/bonds issued (lets say it holds B bitcoins/bonds), but the quantity A will be something apart. Whenever the Fund issues shares in the primary market what happens is that part of this btc capital from A goes to the B holdings and that new bonds/shares are issued in the primary market. Then with the money received by selling those bonds/shares the Fund will buy enough bitcoins to restore the reserves of A to the initial value.

In fact the price of the bonds in the primary market will have to be calculated by the Fund so they not only get enough btcs to restore the number A, but to be able to pay the people that work for the corporation.

Am I wrong?