Investors in MicroStrategy will think like they might have double ROIs by holding the stock.
Because
If they simply buy Bitcoin, they will have only one profitable asset, bitcoins in their wallets.
If they buy MSTR, they will have two profit sources: one from bitcoin and another one from MSTR stock. Because MicroStrategy is a company that provides other products which can bring benefit to their company and investors. Bitcoin is not the only one product MicroStrategy has.
Actually, from a mere numbers perspective, the buyers of MSTR in November 2022 did have double the ROI, 2x more than if they merely bought Bitcoin during close to the same time frame.
Bitcoin surged from November, 2022 to January, 2024 - from $15,000 to high of $45,000.
MSTR surged from December, 2022 to January, 2024 - from $135 to high of $720.
That's almost a 2x difference.