If they trade at premiums (which I'm pretty sure they do) then it kinda makes sense.
⚡️🇺🇸 NEW - CNBC reports that Bitcoin isn’t rallying despite bullish conditions because investor demand is shifting from spot Bitcoin to Bitcoin treasury companies.
https://blossom.primal.net/a6d04f5d332645f2f1ec66cf7bbe12ba805c3c7e4302e21ca549bbf29b91e753.mp4
Discussion
Seems unlikely mstr is the biggest accumulatror and they're selling both stocks and bond or preferreds for it. I dont have the exact numbers but at least some of that was money that was locked out of buying bitcoin.
The even bigger elephant's ibit and they got giant flows
Unless you think its paper bitcoin, they must have pulled in way more money into bitcoin than what retail would have otherwise.