BTCorMSTR
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Head to head

Bitcoin vs MSTR, side by side

The pure asset against the leveraged vehicle. Same rows, two columns — orange is bitcoin, blue is Strategy.

As of Jul 3, 2026, 1:32 PM UTCMarket closed · last close July 2, 2026
Metric
BTC
MSTR
Live price
$61,998
$100.77
24h change
+0.52%
+7.90%last session
Total valueBTC NAV vs equity market cap
$52.53B
$39.16B
What it is
The asset itself
Leveraged BTC holder
Leverage
None (1×)
Debt + preferreds
Premium to BTC heldmNAV − 1
-25.5%
mNAV (enterprise)
1.12×
Yield / income
None
Via preferreds
BTC per $1,000Bitcoin exposure bought
0.01613
0.021638

Total return over time

Rebased to 100. The gap between the lines is the leverage-and-premium effect at work.

BTC-42.5%MSTR-75.1%
Rebase from
MilestoneCapitalBTC sale

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 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

Leverage without a margin call, 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.

Want to see it against your own money? Run the calculator →

BTC vs MSTR — head-to-head comparison · BTC or MSTR