MicroStrategy initially was a software company, they have really become a Bitcoin acquiring company, with their company valued based on their cryptocurrency holdings.
Well, they technically are still a software company, just that they have gotten very involved with Bitcoin that it now has a significant impact on MSTR shares valuation.
For most traditional investors, the idea of a company which owns Bitcoin as an investment, and doesn't really produce much income, or hold assets that produce income, they would expect that the market capitalisation (value of all shares in circulation sold at current price), would be equal or close to the Net Asset Value (NAV), which is the value of all Bitcoin they hold.
How do you mean "doesn't really produce much income, or hold assets that produce income?"
Market capitalization is mostly a reflection of market sentiments and isn't directly correlated with NAV.
I am interested to hear your thoughts. If you are bullish on Bitcoin, would you rather buy MicroStrategy, or Bitcoin itself?
There is no substitute to acquiring Bitcoin directly and having self custody. You were always meant to transact peer to peer without any centralized intermediary.