Instructions that are unable to buy btc directly are buying companies that own btc. Just look at the listed miners
Discussion
how are they actually unable to buy bitcoin? what is hindering it for them but not for MSTR?
Regulation, Bitcoin is not classified as a security and most funds are only able to invest in securities
so if not classified as a security you can't invest in it as an org?
Regulated funds can’t invest client money in something other than a security without going through some extensive clearance process.
Most funds are not willing to do the proof of work required to own btc. They want to rely on someone else doing it for them.
They don’t know how to fit it in their company structure/procedures. Easier for them to buy MSTR.