Company buys bitcoin, sets up lightning terminal, makes yield on bitcoin. Bitcoin is outperformed.

“outperform” is not the correct framework.

to see this you just need to check MSTR/BTC pair.

but yet BTC/share continues to go up. accretion, not outperformance.

now, from an individual perspective, why you would buy shares instead of btc? most likely capital requirements or other hurdles to access spot btc (401k money eg)