Less because the software business is worth less than their debt but that is merely looking at the book value of the business.

On the flip side if you think that Bitcoin will continue to rise in value over the next 5 years and that Saylor will continue to be able issue shares/debt to acquire more and that MSTR will be added to the S and P 500 and get the benefit of ever increasing passive flows as it's marketcap grows and it becomes a larger share of the S and P 500 you could make an argument that it should trade at a reasonable premium to the Bitcoin holdings. Whether 2x is reasonable premium or not is for smarter people than me to figure out. I would argue it's a bit rich.