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Key Takeaways
- MSTR beat bitcoin across every rolling four-year period studied.
- Thirteen of the 15 largest institutional holders added shares.
- Strategy held 842,138 bitcoin after its third sale of 2026.
Strategy Charts MSTR’s Performance Against Bitcoin
Strategy Inc. (Nasdaq: MSTR) CEO Phong Le shared on Aug. 3 that MSTR outperformed bitcoin across every rolling four-year holding period since adopting its bitcoin strategy. The company compared annualized returns for investments made between August 2020 and August 2022, showing the stock generated stronger returns than bitcoin across every rolling four-year investment window.
Le stated:
“MSTR has outperformed BTC in every four-year holding period since adopting the bitcoin Strategy. This is by design and aligns with our long-term objective.”
Rolling holding periods compare returns from many starting dates instead of relying on a single entry point, providing a broader view of long-term performance. Bitcoin’s historical four-year cycle is often associated with halving events, making Strategy’s rolling-window analysis a different way to evaluate long-term returns.
Le’s comments also align with Strategy Executive Chairman Michael Saylor’s view that institutional capital, exchange-traded funds, and corporate treasury adoption are reshaping bitcoin’s historical trading patterns. His recent comments describe a market increasingly driven by sustained demand rather than traditional four-year cycles.
Institutional Ownership Continues to Expand
Institutional investors continued adding MSTR shares during the first quarter, with 13 of Strategy’s 15 largest shareholders increasing their combined positions by 27%. Capital Group, Vanguard, Blackrock, Fidelity, and State Street ranked among the largest firms expanding their exposure, according to Le’s May 20 update on first-quarter institutional holdings.
Those positions contribute to broader indirect bitcoin exposure through mutual funds, pension plans, retirement accounts, and exchange-traded funds (ETFs) serving millions of investors.
Investors have increasingly valued MSTR beyond the market price of its bitcoin holdings, reflecting Strategy’s ability to issue equity and preferred securities, raise capital efficiently, and use those proceeds to acquire additional bitcoin. The company argues those financing capabilities create value beyond the underlying treasury.
Second-Quarter Results Show Strategy’s Capital-Market Scale
In its second-quarter earnings release, Strategy reported holdings of 843,775 bitcoin as of July 27, a 4.5% year-to-date BTC yield through July 26, and $17.06 billion raised through its capital programs during 2026.
The company’s financing model also carries balance-sheet and dilution risks alongside its potential to increase bitcoin exposure per share. Its latest filing with the U.S. Securities and Exchange Commission (SEC) notes that changes in bitcoin prices, capital market conditions, financing costs, and future securities offerings could materially affect the company’s financial results and shareholders.
Investors can monitor BTC Yield, BTC Gain, bitcoin per diluted share, leverage, and net asset value premium to assess whether the company’s financing strategy is increasing bitcoin exposure over time. The latest performance metrics are updated alongside changes in the company’s bitcoin treasury and capital structure.
Bitcoin Sales Intensify Debate Over Preferred Financing
Following the second-quarter update, Strategy completed its third bitcoin sale of 2026 to meet obligations tied to preferred securities. The transaction reduced its treasury from 843,775 bitcoin to 842,138 bitcoin while preserving most of the company’s accumulated holdings.
That use of treasury assets has intensified scrutiny of a financing model built around preferred stock, equity issuance, and bitcoin-backed capital allocation. Economist Peter Schiff argues that selling bitcoin to fund preferred dividends transfers value away from MSTR shareholders, challenging management’s claim that diversified financing supports long-term treasury expansion.
Current obligations show how the company’s preferred securities can influence capital allocation even while it maintains a substantial bitcoin reserve. Preferred dividend payments are backed by a $3.75 billion reserve covering more than 2.1 years of dividends and interest. Strategy also authorized separate $1 billion repurchase programs for MSTR and its digital credit securities, while the MSTR program remained unused through July 26.
