Well, no, that's not the right metric exactly.

For example, Apple's asset value/share is less than 5% the price/share.  Nobody chooses to buy Apple stock based on this metric.  The value proposition of buying Apple stock is that Apple will keep building and selling new crap to improve on the share price.  There is no right metric to predict this.

Similarly, the value proposition of MSTR isn't its current asset value; it's the expectation that the share price will increase.  The difference, of course, is that what drives MSTR price isn't based on what they will be building and selling.  Instead, it's almost entirely based on the expectation that future investors will fund the increase of BTC/share of previous investors.

All that said, I would suggest sticking to buying coin.  There's no telling when the stream of future investors willing to fund the increase of BTC/shares of previous investors might end; but, a severe bear market would almost certainly trigger it.