Unless we've already sold the CT, the loss is only theoretical, not actualized. CT is still in the running to be the Intel of BTC, so there's a decent chance our stock will outperform just hloding the BTC.
Outperforming holding btc; over what timescale? Any considerable appreciation of our assets in Cointerra are most likely to follow a relative price path with bitcoin. And even if didn't, Cointerra, while showing the effort to remain relevant, won't find the opportunity at obtaining an Intel-like status in as polarized of a market. The cost and complexity of designing for a mining purposed chip is nowhere near as inhibiting to engineers, allowing a markedly wider potential pool of qualified entrants/competitors ...on top of which you're dealing with a market whose quantified potential for profits and opportunities for competition to join the market are already heavily reliant upon bitcoin's price.
Our shares in CT also remain denominated in USD, so whatever theoretical profits can be taken from the sale of shares (assuming they're not paying dividends lol) at some arbitrary point in the future, will likely only be able to buy us back roughly the equivalent amount of bitcoin as it would get us today (best case scenario). In a sense, a USD valuation of our shares in a company like Cointerra and any appreciation thereof is practically irrelevant when the shareholder's ..err ID profit-unit-holders are to be paid in BTC.
Over the timescale between the date of purchase and date of sale. Since we're hloding plenty of BTC, the CT stock makes a good hedge.
Of course investing in ASICs and their manufacturers is risky. We already knew that. No risk, no reward.