There is a TON of money in fixed income land that can only get a yield of 1-5%.  There are large swaths of capital and managers that are obligated to only purchase Fixed income (read Bonds) products.  Those managers can purchase MSTR bonds (these are convertible bonds).  Converts are convertible to stock at a certain point in the future.

MSTR issues convertible debt and fixed income managers are willing to loan MSTR money for the ability to convert that debt into stock shares in the future.

So as a fixed income manager who is stuck in the land of manipulated and artificially low interest rates the ability to get that money into a debt offering that gets you out of that dead money trap is a buy all day long.