I don't see much benefits with investing in the fund instead just invest by buying Bitcoin yourself and enjoy the liberty of controlling how much you can make or lose to the market. To profit from funds, you only need to buy at low and hope for price to increase in order to make money. In a bull market, it's not good to invest.
For a start, I would differentiate between a "fund" and an "investment trust".
Funds are usually an umbrella term for all sorts of vehicles including ETFs, Investment Trusts, Trackers and open ended funds (OEIC) themselves.
Investment trusts are long term investments that have a brand and people buy with a certain amount of conviction. The cryptocurrency market is hardly mature itself, but until there are ETFs, all rich investors (I am not one of those) have is Grayscale.
Ultimately, I'm just trying to raise consciousness that there are different ways to invest in Bitcoin, and that will always be good for the Bitcoin ecosphere.
As long as it doesn't become saturated with derivatives (which is what Blackrock have given the green light to buying) which caused the credit crunch of 2008, then we are good.
Who knows, maybe a gold / bitcoin / derivative / futures narrative could become enough to crash the world again. I digress.
I will leave you with one thought...
Argo Blockchain, a bitcoin miner company made 1300% profit in the last 3 months and trounced Bitcoin.