Accoding to the CEO (Michael Saylor) most of the price premium comes from institutions like pension funds not being allowed to directly hold BTC, but they are a

Accoding to the CEO (Michael Saylor) most of the price premium comes from institutions like pension funds not being allowed to directly hold BTC, but they are allowed to a ratio of the money in stocks. At the same time they need exposure to BTC as an independent asset that performs well (funds have performance mandates). Of course now that spot ETF is approved it changes the picture somewhat, but it looks like MSTR is still needed as an institutional vehicle for wrapping BTC.