Bitcoin vs MSTR, side by side
The pure asset against the leveraged vehicle. Same rows, two columns — orange is bitcoin, blue is Strategy.
Total return over time
Rebased to 100. The gap between the lines is the leverage-and-premium effect at work.
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.
The numbers behind the two lines
How tightly MSTR tracks bitcoin, how much it amplifies the move, and how deep the drawdowns run.
Correlation and volatility use trailing daily closes (30/90 sessions); volatility is annualized (BTC ×√365, MSTR ×√252). Beta and max drawdown span the selected range.
The case for BTC
No counterparty, no dilution, no management decisions. You own the asset directly and your bitcoin-per-dollar never gets diluted by a capital raise. Lower ceiling, lower floor.
The case for MSTR
Embedded company-level leverage without requiring the shareholder to take a personal margin loan, access inside a brokerage or retirement account, and a team that raises capital accretively when the premium allows. Higher ceiling — and a premium that can evaporate.
Deciding which exposure fits your situation? Read the BTC or MSTR guide →
Want to see it against your own money? Run the calculator →