Bitcoin is considered a unique asset of 21 million. On the other hand, the number of treasury companies is increasing. With the growth of companies like MicroStrategy, the unique value of MSTR will naturally start to decrease.
I don't understand your logical flow here. Bitcoin can have adoption increase in future that can help Strategy with their DCA portfolio and strategic investment in Bitcoin. Strategy has other products that can change in future like better or worse and can affect their company revenue. However, at the moment, it's completely wrong and pure guess to say MSTR value will decrease in future. I truly see your speculation is baseless so it does not make any sense.
Since the share price of MSTR is related to various aspects of the company, there will definitely be more risk. Especially if for some reason the market is down, then this fall will cause a bigger fall in the share price of their company, that is, if the amount of loss is 1x in investing in Bitcoin, then in the case of MSTR it can be 2x or 3x, which is the case with normal leveraged exposure. When ETF trading was not approved, there was interest in buying MSTR from the stock market, but after the approval of ETF, people can now trade Bitcoin directly.
You did not understand anything about Strategy and their MSTR share, no liquidation risk at all.
People who want to buy bitcoin directly, can do it easily before approvals of Bitcoin Spot ETFs in the USA in early of January 2024. Corporations, institutional investors that wait for Bitcoin Spot ETFs to invest their big capital to bitcoin, will do it through Bitcoin Spot ETFs.