After looking at the chart of Bitcoin purchases by Microstrategy, it makes sense that this will have an impact on increasing the MSTR share price when the crypto market is bullish.  When BTC price conditions strengthen, their shares also strengthen.  Their investor psychology will always associate the company with BTC price conditions.  Their consistency in buying BTC as an investment gives a change in the structure of assets on the company's balance sheet.  Fundamentally, investors will see the value of the assets they have, so for stock investors who want to try new things in their portfolio but don't want to be directly in the crypto market, MSTR shares are very suitable to be owned and this is quite different from other companies that are also listed on the NASDAQ  like Greyscale.  MSTR's operational focus is not BTC, they are just companies interested in trying new types of investments.