I think mstr is one of the worst things to happen to bitcoin. It's a bastardozation of what bitcoin means (custody, decentralization, leverage, etc). The circularity of mnav which is entirely sentiment driven and because it's a levered play it will end in tears one day.
MicroStrategy trades at a premium because it can grow its BTC per share through leverage. Trading at a premium lets them sell shares above NAV, buy more bitcoin, and reduce leverage—further increasing BTC per share. Rinse and repeat.
This is hyperbitcoinization.