As I understand it: the simplified version of why you would pay a premium for MSTR compared to the underlying BTC is the expectation that the company will continue to increase the BTC per MSTR share; thus, eventually turning the initial premium you paid into a discount for the increased amount of BTC it represents.

That sounds like a great deal, but how does the company increase the BTC per MSTR share?:  It issues new shares at the premium price so that it can buy even more BTC at the market price; thus increasing the BTC per share ratio.  And/or the company sells convertible bonds that effectively accomplishes the same thing - just with leverage on a longer timescale.

In other words, if the flow of investors to buy new shares were ever to dry up, the later investors who hadn't yet seen their initial premium price turn into a discount price never will.  This sounds like a ponzi scheme that must eventually run out of the new investors necessary to keep it going.  It just happens to be a legal ponzi scheme without any apparent fraud or deception.  Just make sure to go in with your eyes wide open to these realities.  "Buyer beware, Freaks"