You value different companies different ways. I think MSTR is justified some premium, because they have leveraged Bitcoin, not just Bitcoin. But maybe not this much premium.

If undervalued, do buybacks.

If it's over valued, they should issue shares and dilute it. Not leverage harder! It's completely unsustainable, and I don't trust them to reign it back if Bitcoin keeps pumping.

So I think they will be in dire straits come a bear market. Not that their current position is that bad.