There's so many more risks compared to sats in cold storage but I see no issue with BTCTCs for trapped fiat. Much better than leaving it in a managed fund or techstock play.

I have a fiat bet on MSTR but I'm under no illusion that it's Bitcoin. It's a fiat bet. I suspect only a few of the BTCTCs will take most of the bitcoin driven fiat gains from this approach.

I'm bullish on bitcoin & believe any company will do better for having a bitcoin treasury.