This almost makes it an entirely different kind of investment vehicle, one where the underlying value is more similar to bitcoin or gold - commodities commonly

This almost makes it an entirely different kind of investment vehicle, one where the underlying value is more similar to bitcoin or gold - commodities commonly traded and used as a store of money - with the difference that investors do retain proportional ownership of the company's capital assets, ip, etc. which convert to cash in the (inevitable?) case of the company shutting down or getting acquired.