[wmf]

If you want to go long Bitcoin, just buying them would probably be easier. And there is some evidence that BitPay sells off their Bitcoins: https://bitcointalk.org/index.php?topic=89757.0

[natrius]

Buying them outright would be easier, but you wouldn't get the 1% transaction fee that BitPay enjoys.

Thanks for the link. It sounds like they buy more bitcoins than they can sell off without crashing the market, so they're probably holding on to most of it. Interesting risks there.