Is buying shares of a company that exists only to hoard Bitcoin (CRYPTO: BTC) smarter than buying Bitcoin itself? Huge and consistent purchases of the coin by the leading business in the segment, Strategy (NASDAQ: MSTR), are setting the example for others to follow, with its shares rising by 230% during the past 12 months, far above Bitcoin's return of 67%. First, let's clarify what Bitcoin treasury companies are and how they work so you'll understand them as a category.