Technically it should be below one. There is no investor claim to the Bitcoin so in the event of a bankruptcy or dissolution of the business they would need to liquidate their holdings. Even if they did that very strategically it is bound to move the price downward fairly significantly, which means your fiat claim will ultimately be worth less than the nav at time of dissolution. This doesn't account for any other risks like government confiscation or MSTR losing their keys or Coinbase rehypothecating the coins etc.