The market may or may not be "bonkers" to price MSTR at a premium to the market value of the assets it owns. But there are other non-bitcoin examples. Berkshi

The market may or may not be "bonkers" to price MSTR at a premium to the market value of the assets it owns. But there are other non-bitcoin examples. Berkshire Hathaway is a corporate wrapper around a bunch of assets that are expected to increase in value over time. Berkshire's market value is much greater than the sum of the market values of the assets it wraps. You might argue that Berkshire is different because the assets it wraps are productive and produce reliable profits for the holding company, while bitcoin just sits there and doesn't do anything. I'd suggest that producing profits is the attribute that gives Berkshire's assets value, while bitcoin has other attributes that make it valuable. The difference in the source of value shouldn't matter when asking why the wrapper is worth more than the assets it wraps. Reasonable minds can differ about the sources of value for the underlying assets, but there are many real-world examples where the wrapper around valuable assets is worth a multiple of the assets themselves, and this premium can persist for decades.