TLDR He thinks it's better to invest in Microstrategy because they are a Bitcoin business rather than a Bitcoin derivative and their shares are more liquid than the Bitcoin ETFs at the moment.

He also mentions MSTR can arbitrage their way into a fair value in different ways. If the value of MSTR is above what they think themselves worth, they can sell shares and buy Bitcoin. The opposite also applies with buybacks if they are undervalued.