Fiat gains only. They can't increase theie Bitcoin stack at this stage. The Bitcoin Treasuries are a way to part OGs from their Bitcoin by Wall Street without paying spot price.
Discussion
OGs might be motivated by other reasons such as tax shelters and legacy. And fiat gains can always be converted into bitcoin. Itβs how the vast majority of bitcoiners stack (BTFD!). I get paper bitcoin has the potential to cause a lot of problems, but at least itβs skin in the game for a lot of people who otherwise wouldnβt know where to begin. Leverage is whatβs going to sink a lot of these companies. Tale old as fractional reserve
I think they motivated by greed. At least Peter is using his stack to try and improve his community and town. The same can't be said for many OG Bitcoiners.