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I think there's two purposes:

- They have cash, and want to cover against inflation

- They want to eventually accept payments or provide withdrawals or pay salaries or bonuses in crypto, and they need to stock up to be able to have or provide liquidity

I can't make heads or tails of it either. Some people have been speculating that it's because they want to take payments in BTC, but I don't see building massive positions in it helps them facilitate that.

> What is the actual purpose of buying BTC?

$$$$$$$$

Investment. Any large company has a stack of cash on hand, this is just required for operations. Traditionally many of them have been putting that cash into government bonds. Lately when many bonds have negative yields, it becomes more and more stupid to hold money in bonds for every year of guaranteed lost money in them.

What makes Bitcoin the second best option after US Treasuries?