> Sure, but the author is pointing out that the cost of buying BTC exposure via these companies is higher than just buying BTC by a lot. The investors also get

> Sure, but the author is pointing out that the cost of buying BTC exposure via these companies is higher than just buying BTC by a lot. The investors also get transaction processing infrastructure, including software and facilities, and a team, not just exposure to BTC. Perhaps they see future value in building that infrastructure now. > It almost seems like a short position of these companies combined with a long position on BTC is a solid bet over a long term horizon. If you think that's a solid bet, you're of course welcome to go ahead and make it!