Author

Jonathan Hobbs, CFA

Date

15 Aug 2025

Category

Market Insights

MicroStrategy vs Bitcoin: 5-Year Performance Comparison

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.



mstr vs bitcoin 5-year performance cover image

On 11 August 2020, Strategy (MSTR) first bought bitcoin for its corporate treasury. That decision tied the company’s share price closely to bitcoin’s moves. In this article, we compare the performance of MSTR stock with bitcoin itself over the past five years.

MSTR vs bitcoin performance: August 2020 – August 2025

Over the past five years, MSTR has been more volatile than bitcoin. Yet it had a higher Sharpe ratio – meaning more return per unit of volatility.

Using data from Portfolio Visualizer, here’s how $10,000 in each performed from August 2020 to August 2025:

MicroStrategy MSTR vs bitcoin performance comparison 5 year table

 From $10,000, bitcoin grew to $102,229, while MSTR surged to $324,290. Volatility was higher for MSTR (114% vs 65.6%), but so were annualised returns (100.5% vs 59.2%). That pushed its Sharpe ratio ahead of bitcoin’s.

Of course, past performance is no guide to future returns. MSTR has also experienced more significant drops than bitcoin during bitcoin bear markets. The stock’s maximum drawdown (worst-case drop from peak, based on monthly returns) was -81.1%.

How much bitcoin does Strategy hold?

Today, Strategy holds 628,946 bitcoin – or 3% of the total 21 million supply.

The chart shows how that percentage has climbed since its first bitcoin purchase in August 2020 – almost five years ago to the day.

MicroStrategy bitcoin holdings as percentage of total supply

IncomeShares MicroStrategy (MSTR) Options ETP

The IncomeShares MicroStrategy (MSTR) Options ETP combines cash-secured put selling with some exposure to MSTR stock:

  • Stock exposure – gives the ETP some upside potential if the stock price rises.

  • Selling put options – aims to generate monthly income, while the cash backing means the ETP may buy more stock if the price falls below the strike.

 Key takeaways

  • Since August 2020, MSTR has been more volatile than bitcoin but achieved higher risk-adjusted returns.

  • Volatility may increase both return potential and option premiums, but also increases risk.

  • IncomeShares’ MSTR Options ETP uses volatility to target income, combining equity exposure with put-selling.

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

Related Products:

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Coinbase Options ETP

Strategy

Cash-Secured Put + Equity

Distribution Yield

152.30%

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Microstrategy Options ETP

Strategy

Cash-Secured Put + Equity

Distribution Yield

120.09%

This is a marketing communication. Please refer to the Prospectus of the ETPs and to the KIID before making any final investment decisions.

This information originates from Investium Limited, which has been appointed as distributor of Leverage Shares products in Europe by Leverage Shares Management Company Limited (the “Arranger”). Investium Limited with registered address at 6 Nikou Georgiou Street, Office 302, 1095 Nicosia Cyprus, is a financial services provider regulated by the Cyprus Securities and Exchange Commission (CySEC).

The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. Investium Limited and the Arranger (together referred as “Leverage Shares”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of Leverage Shares. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed.

All performance information is based on historical data and does not predict future returns. Investing is subject to risk, including the possible loss of principal. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Leverage Shares.

© Income Shares 2025