The problem with this salespitch is that the Bitcoin Per Share flywheel grift works great for smaller treasury companies, but at
@Strategy's size and scale, the law of large numbers works against them. They will likely have to 3x (or more) the size of their BTC stack to even double the BTC per share again. At that point MSTR's percentage ownership of the BTC network will be so large, valuing holdings mark to market makes no sense because they could never actually liquidate it at the market price.
Not all liabilities are equal. Short-duration, high-cost liabilities can turn amplification into risk and underperformance. Long-duration, low-cost liabilities can turn amplification into common equity upside. If BTC ARR exceeds the cost of capital, a well-capitalized Bitcoin Treasury Company should outperform BTC.