Alex doesn't seem to understand why there is a premium to MSTR.

Put simply, the "BTC held per share" is increasing. As a super simple example, if in 2023 you held 1000 shares of MSTR which equated to .001 BTC, now those same 1000 shares represents .0015 BTC. That is you have gained 50% BTC for just holding your same 1000 shares. (note: those numbers are just illustrative, and are not accurate)

Having said that, I'm not saying that MSTR will always command the same premium as it does now, however the premium it does hold is not without justification since its like a forward looking dividend.