Time and data so far suggest that holding MSTR was better than holding BTC.

If we just look at the last 9 months from September 2024 to June 2025, with a 150% return for MSTR versus 76.67% for BTC. This outperformance was driven by share accretion (CHART ABOVE), where MicroStrategy's purchase of additional BTC increased BTC per share by 54.78%, amplifying returns beyond BTC's price appreciation - (BTC went from 59K to $106K in that same timeframe). MSTR has completely smoked all other assets last 5 years including BTC... if they can keep up the share accretion, MSTR should continue to outperform BTC

EXPLAINED ANOTHER WAY:

Because MicroStrategy keeps stacking BTC over time.

Each share of MSTR now represents more BTC (SATS per Share) than before—specifically, a 54.78% increase in BTC per share in 9 months.

That means MSTR’s share price benefits not only from BTC’s rising price, but also from the fact that each share now holds more BTC.

My SATS per share has gone up 8.45x since I first bought MSTR in 2020.

MSTR has gone up 3000% in this timeframe.

If MicroStrategy continues to accumulate BTC (increasing BTC per share), this pattern of outperformance could persist.

Source: Invest Answers