All investors are placed in a queue and their funds are accepted based on various factors including the availability of the bitcoin market liquidity. Investors are notified when they are placed on the waitlist, and will be notified again when the funds have been invested.
Investors can modify the amount they wish to be deposited while being on the waitlist without losing their spot, as described here.
While on the waitlist, the committed funds are not being used for any investment and no transactions are being made.