I think Mike was talking more so about MicroStrategy's original business model for their software, not the Bitcoin aspect of it.
Discussion
No, I mean they have no customers, a pension fund buying your shares is not a customer, a customer is someone who buys the product or service you produce.
You're saying that their product is their shares. This is true.
But normally a companies shares (it's value) is a byproduct of the value it produces from making and selling its product.
In (Micro)Strategy's case, these are the same and this is unique.