equity = assets - liabilities

If assets are bitcoins and liabilities are fixed debt, you get a leveraged play. Bitcoin is up 1%, MSTR is up 2%, for example. So $100 in MSTR behaves like $200 in BTC. No magic here.

Second consideration can be taxes. With proposals like this circulating in the rulers' heads, I'd prefer holdings in MSTR to BTC. For a small portion of my net worth that is KYC that is. My European banks don't list Bitcoin ETFs...