I am wondering why they didnt just buy BTC directly themselves instead of investing in Microstrategy. I am assuming is because they "can't yet buy bitcoin directly" perhaps. Microsttraegys price right now quickly mimics BTC pretty much since a large part of their holdings are BTC itself. Its pretty much like a Bitcoin ETF pretty much that is not OTC like GBTC.
It's basically an ETF with no expense ratio, despite having a professional custodian. GBTC charges 2%. Even when a Bitcoin ETF does get approved, it'll probably be in the 0.5%-1% range (wild guess). GLD, the largest physically-backed gold ETF, charges 0.4%.
I can see the appeal.