But why wouldn't said company just buy X amount of bitcoin instead? Or would you be paying for the IP of said bitcoin treasury company as well

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Trying to game a scenario. I like the idea of Brand IP which is not nothing, for instance imagine MetaPlanet (a company with very little brand recognition) buying GameStop.

But also imagine a scenario where a company wanted to leap frog in pole position with their treasury strategy.

But also, if a company had say $100B in cash reserves, they could deploy that in the open market but acquiring a company doesn’t affect the open supply in the same way.

Maybe? Getting a bit out of my depth with market dynamics.

Oh that's a good point, acquiring a company doesn't affect the price. But again that BTC treasury company would know that so that would add a premium.

I'm sure there are treasury companies that are planning on this already