If we look at the daisy chain of the last round it all really ended up with 3 arrows capital and Alameda who were using it for leverage traders, I guess you could borrow them to exchanges like a ByBit or Binance or a new startup that wants to offer leverage, or to do a short trade, but honestly I'm not really sure who the end users of this bitcoin would be, I guess we find out when it all goes pear shaped