Different routes, different risks
A miner has electricity and equipment costs. An exchange depends on customers and trading activity. A treasury company holds assets but may also have debt or issue more shares.
Price moves need not match
A crypto-related share can move more or less than Bitcoin. Operating costs, financing, management decisions and the valuation investors put on the business can widen the difference.
Check what each share represents
For a company holding digital assets, the asset balance alone is not enough. Debt, other liabilities and the number of shares affect the exposure belonging to each shareholder.
My takeaway
An exchange-listed share can be convenient to access. That does not make it a low-risk version of crypto. I would read the company's filings and understand the business before relying on the theme.
Further reading
Personal view only. Not investment advice. I may hold assets discussed, and my views or holdings may change. This is not a recommendation or a complete investment assessment.