Bitcoin Treasury Companies have a similar dynamic to VC funds. Anyone investing essentially has to trust the executive team, who get paid whether the fund does well or not, though obviously much better if it does well. The secret to VC funds is that the Venture Partners get their 2% management fee regardless of what happens. Seems like that's what's happening with BTCTCs.

I like the asset that they're holding, obviously, but the risk-reward just doesn't seem worth it, given what amount to taxes on any gains and the fees/executive compensation that all get paid by the investors in the end. Even if I weren't morally opposed because of the fiat expansionary theft on which all these companies operate, I would stay away.