Microstrategy (MSTR) is a company that owns a lot of Bitcoins. The company is more valuable than its constituent bitcoins even after the introduction of spot Bitcoin ETFs. In fact, the MSTR premium has increased.

One speculation for why this price is justified is that MSTR will hit the market cap threshold for inclusion in various indexes, which would create forced buyers of the stock (index funds / passive investors) who would push the price up further.

I believe it has already passed minimum criteria for inclusion in the S&P 500 but there's discretion involved in picking the 500.

As I understand it, annual reconstitution of the index is in June, but I will change the end date of this market if I've misunderstood. Here is the full documentation on S&P 500 inclusion: https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-us-indices.pdf