MSTR vs BTC

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In plain English

Start both the stock and bitcoin at 0% on the same day, then watch who won. If MSTR’s line is above bitcoin’s, the stock beat the coin over that window.

A company that borrows or issues paper to buy bitcoin can beat BTC in a bull (leverage) and lag in a bear or during heavy dilution. This is not beta and not mNAV.

Math and metrics

First overlapping close on or after 2020-07-28. Price return, not total return including distributions.

MSTR_ret = (P_t/P_0 − 1)·100. BTC_ret = (B_t/B_0 − 1)·100.

headline vs BTC = last MSTR_ret − last BTC_ret (percentage points).