What do they plan to buy with that ?

I am pretty convinced that the best thing they could do for future growth is becoming a BTC treasury company But they obviously won't do that What will happen instead is that the $COIN / $BTC ratio will inevitably break down below its range and $COIN won't be able to keep up with $BTC growth in the long-run At least that seems very likely to me. (I am not long or short COIN)