Of course, this ignores the ongoing asset bubble. The lack of returns in bond and treasury markets and, to be frank, the limited mid and long-term growth prospects for the overall economy, is driving speculative bubbles in risk assets.
Now companies are seeing they can not only grow their balance sheets and stock value through stock buybacks, but by investing in quickly growing risk assets like gold and BTC. Even if their company isn't actually growing, their balance sheet will be.
I hope these companies put some stop-loss orders, cause it's so easy to get rekt, especially with Bitcoin. Last year it reached $13k and went to a bearish/sideways market for the rest of the year. This year it lost 50% in one day. If a company puts more than they can afford to lose in BTC, they might seriously screw themselves in such drop, cause they would end up with not enough funds to operate.
I have a feeling they aren't investing cash they would need for day-to-day operations. Regardless, they are either going to look brilliant or completely retarded, depending on what the market does.
Microstrategy stock will probably become linked to BTC price action to a good degree, just like RIOT, though I can't say I've looked into their financials deeply enough to know how much this acquisition should matter.
Aside from the investment aspect, it's a very interesting strategy if only because it puts lots and lots of eyes on their company, generating interest where there previously was none.