My more paranoid take: Strategy doesn't have the Bitcoin they claim and its all a psyop with the ultimate goal to destroy Bitcoin.
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How would this psyop "destroy" BTC?
The mainstream has its eyes on it as the bitcoin company and the first major dip, it would be cherrypicked as a huge and massive failure and told you so moment.. in the eyes of everyday investors it would entagle bitcoin directly with this company.
I agree with that take. It would allow a massive FUD campaign if Strategy went down..
Its their wild card, when bitcoin spirals out of control they can bring it down thru tradfi mechanisms bringin it down