And other companies holding Bitcoin as treasury asset are not? Or you harbour the same opinion about all of them?

As I said, I would take in a nuanced view. Their leverage does build up some froth and bubble. But also, their business model channels a lot capital into Bitcoin that wish to buy the real Bitcoin, but would otherwise not be permitted to hold a single Sat. Basically, regulatory handcuff.

So yeah, regulators encourage financial engineering, as always.