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.
Yes they are "technically" still a software company, but their company is well known for being a Bitcoin investment company. Most listed investment companies, or exchange traded funds, their market capitalisation is directly associated to their NAV.
When I say "doesn't really produce much income or hold assets that produce income", I mean that their primary growth has been due to their investment strategy, not their software sales. Their company has grown not because their software has generated them income (intellectual property or sales generating income), nor is it that they hold other assets which generate income, like stocks which pay dividends, it's purely capital gains of the underlying Bitcoin tiself.