Public companies participating in Bitcoin treasury strategies often enjoy access to convertible debt markets, enabling them to use financial leverage to buy Bitcoin at a scale unavailable to typical investors.

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While investors can readily buy bitcoin directly or through an exchange-traded fund, investors typically cannot get the same kind of leverage a public company might be able to get through the convertible debt markets to buy bitcoin.

Companies like Strategy trade at a premium to their bitcoin holdings because investors believe that those firms can utilize their access to credit markets to purchase even more bitcoin.