MicroStrategy stock as a leveraged bet on Bitcoin

I've been listening to Michael Saylor talk about the difference between Bitcoin Spot ETFs and MicroStrategy stock in different interviews and I'm trying to summarize/understand as concisely as possibly why MSTR can be considered a "leveraged bet on Bitcoin" and how does the strategy behind this work.

Quote:

A Levered Bet

So why aren’t investors just buying Bitcoin, or GBTC, or BITO?

One reason is the disadvantages above. But another key reason is precisely the debt on MicroStrategy’s balance sheet. MSTR is a leveraged bet on Bitcoin.

That leverage has inherent value. It’s part of why MSTR, despite paying $30,000 for Bitcoin now worth $20,000 now, has kept up with the underlying cryptocurrency over the past 23 months.

Put another way, what MSTR represents is an in-the-money call option on Bitcoin prices. If Bitcoin soars, the stock should outperform.

The catch, however, is that the outperformance has to be significant. Imagine, for instance, that Bitcoin rebounds to $40,000. MicroStrategy’s holdings now are worth $5.2 billion. The operating business still is worth $1 billion; debt of cash stays the same at about $2.3 billion.

In theory, MicroStrategy now should have a market cap of $3.9 billion. The catch is that in this scenario, BTC/USD has more than doubled; fundamentally speaking, MSTR should not.

Perhaps there’s more optionality value from that point that makes up the difference, but the broad point holds. There is some logic as to why MSTR should trade at a premium to the value of its assets, but there’s a real question as to whether the premium should be quite this large.

Source: https://www.investing.com/analysis/understanding-the-math-behind-microstrategy-200630121

The logic as to why MSTR should trade at a premium to the value of its assets would be a combination of ngu and MicroStrategy continuing to do, what they are doing?

Meaning as Bitcoin price rises so does the market cap of MicroStrategy which allows them to take on more debt to buy more Bitcoin which then again rises in price, and so on, forever, Laura, forever?

Can someone ELI5?