Over a long enough period of time, even treasury companies will likely bleed to Bitcoin, just like altcoins, mining equities, and crypto exchange stocks all eventually bleed to BTC.

The only reason anything else in the industry exists is because of Bitcoin.

That does not mean the others things cannot go up. Often times, in bull markets they do go up with BTC.

But they *still* eventually bleed to BTC even if there is 1-2 cycles of outperformance.