Emulating MSTR and other Bitcoin treasury company strategies

Has anyone here bought or invested in a private business as a mechanism to acquire Bitcoin or to acquire shares of companies buying Bitcoin? Privately held SMB have different levers than larger public corporations, and I am a bit curious if there’s a playbook. Strategy structures its financing to offer a range of volatility-focused (large vol equities, options, reduced volatility debt, etc.) investment opportunities. What would SMB offer investors by taking Bitcoin and levered Bitcoin risk onto their balance sheet? It’s likely inevitable a private company playbook will be developed.