Should you have bought Bitcoin or MSTR?
One holds bitcoin. The other is a leveraged bet on bitcoin. This is the position-first way to see the difference — live prices, real mNAV, and a calculator that shows the road not taken.
Live snapshot
Total return, rebased
The same $100 in each, tracked over time. MSTR's leverage shows up as wider swings in both directions.
Both series rebased to 100 at the start of the window. Higher = more total price growth. BTC is drawn continuously; MSTR steps and holds its last close on days the market is shut.
842,138 BTC at the live price.
427M assumed-diluted (ADSO) shares × price.
Includes $6.75B debt + $15.09B preferreds.
Tools
One purchase. What if you'd bought the other one?
All your buys and sells vs pure BTC and pure MSTR. Nothing leaves your device.
What Strategy sold this week — parsed from SEC filings, linked to the source.
Holdings, BTC/share, mNAV history, capital structure.
STRC · STRK · STRF · STRD yields and seniority.
Head-to-head returns, correlation, volatility.
Compare BTC & MSTR
Normalized price performance of MSTR, BTC, and IBIT with a per-period return table.
Rolling 30- and 90-day correlation and beta of MSTR daily returns to Bitcoin.
Convert MSTR shares into their bitcoin value and back, at live prices.
MSTR's live premium or discount to the market value of the bitcoin it holds.
Custody, leverage, dilution, tax, and volatility — the two positions side by side.
What do you hold?
No account or email required. To count one vote per person per day, the server briefly processes your IP address and converts it to a daily salted hash. The raw IP is never stored; the hash expires when the salt rotates at midnight UTC.
Results are hidden until enough votes are in so early tallies don't anchor the crowd. Once the threshold is reached, percentages unlock for everyone.
Polls rotate regularly. This one is active until Sep 1. Past results stay in the archive.
Learn
All guidesThe two definitions of mNAV — market-cap and enterprise-value — with a worked example and explanation of why the premium exists.
Why MSTR outperforms BTC in bull markets — and underperforms in drawdownsLeverage, premium, and accretive dilution: the three forces that amplify MSTR relative to bitcoin in both directions, and the risks of each.
What is BTC per share and why it matters more than the stock priceThe honest dilution metric that tells you whether new capital raises are accretive — and why bitcoin-per-share matters more than the share price.
Frequently asked
Is MSTR just a way to buy Bitcoin?+
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.
What is mNAV?+
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.
Why does MSTR sometimes rise more than 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.
What are STRC, STRK, STRF, and STRD?+
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.
Where do these numbers come from?+
Live BTC prices come from CoinGecko (falling back to Coinbase then Kraken), and MSTR and preferred prices from Yahoo Finance — all cached server-side and stamped with an 'as of' timestamp so you can see how fresh they are. The issuance & dilution tracker is parsed automatically from Strategy's SEC 8-K filings, with validation checks on every figure and each value linked back to the exact filing it came from. Balance-sheet figures — bitcoin holdings, share count, debt and the preferred stack — are verified against those same filings by hand and stamped with a last-verified date. See the methodology page for the full source and fallback chain, and the issuance tracker for each filing-level number and its source link.
Did Strategy sell any bitcoin?+
Yes. Strategy has reported several sales under the BTC Monetization Program: 3,588 BTC for about $216 million in its July 6, 2026 8-K, and 1,638 BTC for about $104.7 million in its August 3, 2026 8-K (proceeds funded preferred dividends and STRC buybacks), bringing holdings to 842,138 BTC. That follows a smaller 32 BTC sale in late May. The program authorizes selling up to $1.25 billion but does not obligate Strategy to sell bitcoin. The issuance tracker updates weekly from Strategy's 8-Ks, so any change shows up there.