There's something I've never quite wrapped my head around here.

So these companies raise capital to buy Bitcoin, right? But here's the part that doesn't add up—why are investors funneling money through a middleman when they could just... buy Bitcoin directly? We're talking about an asset that's completely accessible. You don't need some random corporate entity to execute the trade for you.

And if they're worried about exposure or want a regulated wrapper, Bitcoin ETFs already exist. Why add another layer of fees and complexity when the infrastructure is already there? What's the actual value-add that justifies handing over capital to a third party instead of just entering the position yourself?

Maybe I'm missing something, but the logic feels circular.