It's essentially a public holding company for bitcoin now. So using P/E isn't a relevant metric, try P/B, or use P/E after subtracting the bitcoin value from market cap. Your valuation methodology is as broken as the world supposedly is.
MSTR is becoming sort of like that. It very well could still be overvalued, but people aren't buying it for its earnings, they are buying it for the assets it holds (bitcoin).
I'm really not trying to be pro or anti BTC/MSTR here, just explaining whats going on. It's valid to think it's stupid/overvalued, but I'm just pointing out that its P/E ratio isn't the reason. And comparing MSTR's P/E to Apple's doesn't really make sense at face value.
The grayscale trust is actually trading at a discount to its bitcoin holdings, so thats not much of a reason (today, at least). https://grayscale.co/bitcoin-investment-trust/#market-perfor...