It also helps to understand that if they can issue debt and shares to buy $42 billion (1/2 each) in bitcoin over the next 3 years that would buy ALL of the new supply of bitcoin for about 18 months at current prices - which is what they announced just before Halloween this year (2024).  If they can issue debt to buy $100 billion or something after that they are essentially sopping up a huge amount of the new supply so there is very little for anyone else except from current owners.  Either more people will sell or the price will have to go up until they wish to do so.

It almost becomes a self-fulfilling prophecy if their purchases can really impact the market this much and they have.  As long as demand continues both from them and elsewhere this can continue. 

As far as buying MSTR, it certainly has had a great run and if they can take 70% of the profits from the bonds then that could explain why people are willing to pay a premium.