MSTR Outperformed Bitcoin in Every Rolling 4-Year Window

Strategy Inc. (Nasdaq: MSTR) reported that its stock generated stronger annualized returns than bitcoin across every rolling four-year holding period since the company adopted its bitcoin treasury strategy. CEO Phong Le posted the finding on Aug. 3 and highlighted the company’s long-term objective.

The firm compared annualized returns for investments started between August 2020 and August 2022 across multiple rolling four-year windows. Rolling windows calculate returns from many possible start dates rather than a single entry point, providing a wider view of long-term performance than an analysis tied to one date.

Institutional ownership of MSTR increased during the first quarter. Strategy reported that 13 of its 15 largest shareholders raised their combined positions by 27%. The larger holders included Capital Group, Vanguard, BlackRock, Fidelity and State Street. Those institutional stakes give mutual funds, pension plans, retirement accounts and ETFs indirect exposure to bitcoin through Strategy’s shares.

In its second-quarter report, Strategy listed 843,775 bitcoin in its treasury as of July 27 and reported a 4.5% year-to-date BTC yield through July 26. The company said it raised $17.06 billion through its 2026 capital programs and emphasized its use of equity and preferred securities to buy additional bitcoin.

Company filings with the U.S. Securities and Exchange Commission warn that changes in bitcoin prices, capital market conditions, financing costs and future securities offerings could materially affect financial results and shareholders. The company publishes metrics such as BTC Yield, BTC Gain, bitcoin per diluted share, leverage and net asset value premium to track how its financing strategy affects bitcoin exposure over time.

After the second-quarter update, Strategy completed its third bitcoin sale of 2026 to satisfy obligations tied to preferred securities, reducing the treasury to 842,138 bitcoin. Economist Peter Schiff criticized the sales, arguing that selling bitcoin to fund preferred dividends reduces value for MSTR shareholders.

Preferred dividend payments are supported by a $3.75 billion reserve that the company says covers more than 2.1 years of dividends and interest. Strategy also authorized separate $1 billion repurchase programs for MSTR shares and for its digital credit securities; the share repurchase program remained unused through July 26.

Strategy began its bitcoin-focused treasury approach in mid-2020. The company’s rolling four-year comparison provides an alternate way to view long-term performance compared with analyses tied to bitcoin’s historical halving cycles.