I hope I didn't skim over too fast, but it didn't seem to surprise me that there was not even acknowledgment of the reality that I thought was that, corporate/accredited investors not only would have difficulty getting exposure, you simply cannot gain exposure to Bitcoin through non-FCA regulated markets. Pension funds, for example, are not simply able to open a Coinbase account. Isn't this where MSTR came in?

Or this article by FT's Robert Armstrong is only talking about retail. I don't have a full-time job writing for the FT, so I'll assume I'm wrong about something and assume the FT is impartial and exceedingly astute.