$10T asset manager BlackRock is apperantly allowed to have a private fund with spot Bitcoin. But the SEC does not approve a spot ETF still?

BlackRock, the asset manger with about $10T in clients assets, has just said that it will release a private fund for its clients to have actual spot Bitcoin. Meanwhile we are not getting a spot ETF approved by the SEC. How are those people buying at BlackRock any better than normal retail investors?

Having BlackRock go so offensive with Bitcoin and offering it openly to their clients shows that even the big institutions know it has no harm to offer it to the retail and makes it once again clear how senseless the constant SEC rejections for a Bitcoin Spot ETF are.