If I understand your question correctly, you want to know why buy these Bitcoin proxies vs Bitcoin itself? If so, it depends on the person. It makes a lot of sense for people with assets in retirement accounts where they can easily invest in Bitcoin proxies as well as Bitcoin ETF’s. Most Bitcoin treasury companies are essentially leveraged Bitcoin plays. Usually performance is somewhere between 1.5-2x spot Bitcoin. So for people that want more performance from Bitcoin and are ok with the additional risk a company inherently has, it might make sense for them. Some brokerages or retirement/401K accounts still don’t even let you buy Bitcoin ETF’s so these companies are a way around that. It’s definitely not for everyone.