You value different companies different ways. I think MSTR is justified some premium, because they have leveraged Bitcoin, not just Bitcoin. But maybe not this much premium. 

If undervalued, do buybacks. 
If it's over valued, they should issue shares and dilute it. Not leverage harder! It's completely unsustainable, and I don't trust them to reign it back if Bitcoin keeps pumping. 

So I think they will be in dire straits come a bear market. Not that their current position is that bad.  

 💯 there is no real long term *product* from MSTR 🤝 

 Also one is captured in a security - massively taxed……If BTC becomes legal tender then no cap gains.

HODL til legal tender 

 Yes. Then spend on Bentleys and Cocaine.  

 I thought it was Lambos and Girlfriends 😂