As you said Microstrategy would always have the advantage of being early. They started accumulating when bitcoin was still relatively cheap especially considering now. Even if bitcoin goes through another bear run, I do not think bitcoin will go down to that price again or at least I am hoping it doesn't lol. This is what Twenty One Capital should be looking to achieve:

It shows good prospect that more companies are getting into bitcoin but honestly its emergence do not change anything on how I thought of bitcoin. I wanted to hold bitcoin for a long period of time and I still do even with or without the emergence of such companies.