First of all, for companies like Kindly MD or Semler Scientific, crypto has got nothing even remotely related to their core businesses. They're not even software companies like MSTR is. What they and others like them are doing is an obvious cash-grab; they're trying to inflate their earnings by jumping on the bandwagon. Is that something any of us should celebrate? Go ahead, I'm sure as hell not going to.
You are missing here that bitcoin is much better than T-bills. Companies such as Semler Scientific, which are different from Strategy in terms of their business nature, are doing something different. Instead of keeping cash or T-bills in their reserves, as most companies do, they have a superior asset in their place, which is bitcoin. Take Buffet's company, for example.
Warren Buffett now holds more US Treasury Bills than the Federal ReserveHolding so many T-bills is betting that you will be able to offset the devaluation of the dollar with the buying and selling movements you can make. On the other hand, companies that buy bitcoin for their reserves instead of T-bills are betting that bitcoin is a far superior asset that, without doing anything, not only does not devalue like T-bills, but also provides a high return.
Second, is it a good thing that so much bitcoin/litecoin/whatevercoin is migrating into the hands of publicly-traded companies? Are you all cheering for that? Mark my words, history is going to show that this was a period of total lunacy--especially if these corporations happen to decide to sell (or are forced to because their primary business can no longer afford to pay back the loans they took out to buy their 'treasuries'). I don't know how long it'll take, but you'll see.
I know you check in on the thread from time to time, but not often enough to realize that what you're saying is false. I don't think you see the paradigm shift that has taken place. Strategy no longer has convertible debt for bitcoin; it is convertible for shares and they are getting rid of convertibles anyway. All the instruments it has created are structured in such a way that there is no possibility of a margin call. Others are copying it; the latest I heard about is Satsuma.