MSTR vs BTC Performance Chart
How MicroStrategy (MSTR), Bitcoin, and the iShares Bitcoin Trust (IBIT) have performed side by side — each rebased to 100 so you compare percentage growth, not price levels.
Total return by period
| Period | BTC | MSTR | IBIT |
|---|---|---|---|
| 1M | +0.6% | -21.2% | +0.5% |
| 3M | -9.5% | -26.4% | -12.8% |
| 6M | -29.9% | -41.7% | -30.2% |
| 1Y | -45.5% | -78.2% | -46.1% |
| YTD | -27.9% | -37.7% | -27.0% |
| Since Aug 2020 | +462.1% | +601.6% | — |
Total price return over each trailing window, from daily closes. IBIT shows “—” for periods that begin before it launched in January 2024.
Because Bitcoin, MSTR, and IBIT trade at wildly different price levels, comparing their dollar prices tells you nothing. Rebasing each series to 100 at the start of the window fixes that: every line answers the same question — if you had put the same money in on day one, what would it be worth now? The gap between the lines is the outperformance.
IBIT and bitcoin track each other closely — the ETF simply holds bitcoin, minus a small fee — so their two lines usually sit almost on top of one another. MSTR is the line that separates: as a leveraged, actively-managed bitcoin holder, it tends to pull above bitcoin in strong rallies and drop below it in drawdowns. Which one leads depends entirely on the window you choose, which is why the presets above matter.
The steepness of MSTR's line relative to bitcoin's is the leverage effect you can quantify on the correlation & beta page, and the premium driving part of that gap is tracked live on the mNAV page. To turn these percentages into an actual dollar outcome for your own entry date, use the BTC or MSTR calculator.