In most cases we can't persuade wealthy investors to buy Bitcoin. They don't get it. They think it's risky and dumb. But they will buy stock in a Bitcoin treasury company or an ETF because it's listed on NASDAQ, which to them means the investment is safe and smart.

I don't think so; jury is still out on this. All the treasury company inflow is either fast hedge fund money or Bitcoiners, who otherwise would have held BTC, deluding themselves.