Bitcoin Treasury companies (Tradfi) are not co-opting Bitcoin. It is these Treasury companies that allow Bitcoin to co-opt Tradfi. We are only at the beginning of Bitcoin expanding into the financial space. The market that Bitcoin Treasury companies are just beginning to tap into is big. Take, for example, the fixed income market. In 2024, its global size was estimated to be 140 trillion. This represents a massive opportunity for Bitcoin Treasury companies. By offering higher-yielding instruments (see e.g. Strategy), they can potentially attract a significant amount of capital.