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 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 →