I think it's becoming like a cliche on what about bitcoin tanks and the likes
Neglecting the fact that all business are plagued with risk
What happens if their service as a software company becomes obsolete due to stronger competitors?
What if there was a flaw in their data analysis and as such affected their reputation?
Tesla tanked. Many stocks has fallen. So same risk applies to MSTR if Bitcoin falls.

MSTR doesn't look like an ETF.
A Car dealer and a Car driver both use same commodity doesn't make them the same.