Investors are sceptical of Bitcoin Treasury Companies in the medium term. It seems to easy to just buy bitcoin and outperform all other business models.

What happens after the initial pump of the stock price?

What happens if we see another winter, a period of prolonged falling bitcoin prices?

A downturn of over 50 %?

How will the management and the shareholders of those companies react?

All those treasury companies popping up, admitting their original business failed, and having no real differentiator like MSTR?

What benefit do the shareholders have when the fiat stock price is constantly deluted to buy more bitcoin?

We are all winning vs. speculation? Is it a "winner takes most" market and most copy cats will fail?

What happens when their MNAV gos below 0 and they sell their bitcoin at the low and buy back their share?

Are there capital pools besides selling the equity they are able to access, for example the fixed income market? Is there any trapped capital they can access in a long term & sustained way?