MSTR could still outperform (mostly depending on the mNAV people jump in at).

Lots of speculation still exists on why the premium is even possible but VanEck had a good article in 2025 on why they think it happens.

https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-deconstructing-strategy-mstr-premium-leverage-and-capital-structure/