They do not have to believe Bitcoin will inevitably go to the moon to see that it has enjoyed spectacular gains to date and that buying via Saylor/Strategy does not require any challenging self custody. There may also be tax advantages in buying via Strategy. Here in New Zealand at least capital gains made via equities are not automatically taxed..whereas any gains made via Bitcoin/crypto are. More conventional investors see others making huge gains via crypto/bitcoin and want some exposure- Strategy and the like are an easy option for them. They are not toxic maxis or revolutionaries- they are just ordinary conventional follow the herd investors seeking diversification and potential gain. They had probably never even heard of the 4 year cycle...