Since bitcoin is accessible to everyone, globally, it will be the benchmark for every investment (alternative capital allocation). MSTR is just a shitcoin with idiosyncratic risk. Some people will want that risk BUT it should be compared to bitcoin. And all other companies will come up with some other risk allocation that is differentiated from bitcoin in its return, return type (i.e. appreciation vs. dividends), timeline of return, and volatility.

4-year HODL, 50% CAGR realized via appreciation, 3-5% volatility is the benchmark.