Each Bitcoin Treasury company:

- has expenses

- is taxed and regulated

- may lose all its coins, due to a hack / inside job / mistake.

thus, their ROI must be less than the self-custody Bitcoin ROI.

And:

- Any premium due to "access" to investors, will be competed to zero as new Treasury companies arrive

As far as I can see, no amount of Madison Avenue salesmanship can paper over these disadvantages. -- but hey, I hate to rain on everyone's parade. @verysmallclaims