Should you have bought Bitcoin or MSTR?

Sort of, but with leverage. Strategy (MSTR) uses debt and equity raises to buy and hold bitcoin, so the stock is a leveraged, actively-managed bet on BTC rather than a 1:1 proxy. It can trade at a large premium or discount to the bitcoin it owns, which is what mNAV measures.

mNAV is the ratio of Strategy's value to the market value of the bitcoin it holds. Market-cap mNAV divides market cap by BTC NAV; enterprise-value mNAV adds debt and preferred stock and subtracts cash first. An mNAV above 1.0 means the market pays a premium over the underlying bitcoin.

Leverage and premium. Because Strategy funds bitcoin purchases with debt and stock issued at a premium, each dollar of BTC gain can translate into more than a dollar of equity value in bull markets. The same mechanics work in reverse during drawdowns, so MSTR is more volatile in both directions.

They are Strategy's preferred stock series. STRF and STRK are fixed-rate perpetuals (STRK is convertible into common), STRD is a higher-yield junior fixed-rate series, and STRC is a variable-rate series that pays frequent cash dividends and is designed to trade near par. They offer income exposure to the same balance sheet.

Live BTC prices come from CoinGecko and MSTR/preferred prices from Yahoo Finance, both cached server-side with an 'as of' timestamp. Balance-sheet figures like bitcoin holdings and share count are maintained by hand from company filings and stamped with a last-verified date. See the methodology page for details.