According to Charlie Bilello on X on Nov 14, 2025, 1-year returns were Bitcoin (BTC) +10%, MicroStrategy (MSTR) -39%, and the 2x Long MicroStrategy ETF (MSTU) -87% (source: Charlie Bilello on X, Nov 14, 2025). According to Charlie Bilello's figures on X on Nov 14, 2025, direct BTC exposure outperformed equity proxy MSTR and leveraged single-stock ETF MSTU over the same period, underscoring that equity proxies and leveraged products can deliver materially different outcomes than BTC itself (source: Charlie Bilello on X, Nov 14, 2025). Based on the returns cited by Charlie Bilello on X on Nov 14, 2025, traders seeking BTC beta via MSTR or MSTU should account for potential underperformance and amplified drawdowns versus BTC, prioritize position sizing and risk controls, and avoid assuming one-to-one BTC tracking (source: Charlie Bilello on X, Nov 14, 2025).

According to @BitMEXResearch, MicroStrategy’s enterprise value is about 76 billion dollars (market cap plus debt), roughly 20% above the market value of its Bitcoin (BTC) holdings (source: @BitMEXResearch on X, Nov 13, 2025). This means MSTR trades at a premium to its BTC treasury and is not a discount Bitcoin proxy at current prices (source: @BitMEXResearch on X, Nov 13, 2025). @BitMEXResearch states that only if enterprise value drops below the market value of its Bitcoin should MSTR be considered at a discount to BTC (source: @BitMEXResearch on X, Nov 13, 2025).

According to @StockMKTNewz, the following stocks printed new 52-week highs intraday today: INTC, LEU, BKR, COR, EVRG, IREN, LHX, MPC, SBSW, TRP, ULTA, VLO, VRNA, and WBD (source: @StockMKTNewz). According to @StockMKTNewz, these fresh highs place the tickers on momentum breakout watchlists for potential continuation and relative strength tracking into upcoming sessions (source: @StockMKTNewz). According to @StockMKTNewz, crypto-focused traders may note IREN on the list as a BTC-correlated equity proxy to monitor alongside miners for correlation trades and risk sentiment reads (source: @StockMKTNewz).

According to @FarsideUK, the S&P 500 index inclusion decision for MicroStrategy (MSTR) is negative, indicating the stock will not be added at this time (source: @FarsideUK on X, Sep 5, 2025). According to S&P Dow Jones Indices methodology, only S&P 500 constituents are mechanically purchased by index-tracking funds during rebalances, so non-inclusion implies no immediate passive buying from S&P 500 trackers (source: S&P Dow Jones Indices Index Methodology). According to MicroStrategy’s public disclosures, the company holds substantial bitcoin as its primary treasury reserve asset, making MSTR a common BTC proxy among some investors, so the removal of an index-inclusion catalyst keeps near-term trading more sensitive to BTC price and company-specific flows (source: MicroStrategy investor relations and SEC filings). For traders, this setup tilts focus to BTC correlation, liquidity, and any further corporate balance-sheet updates rather than index-driven demand (sources: @FarsideUK; S&P Dow Jones Indices; MicroStrategy IR).

According to Jason Fang, investors are choosing Bitcoin treasury companies over holding BTC directly, with 'Strategy' leading this theme (source: Jason Fang, X post dated Aug 15, 2025). For traders, MicroStrategy (MSTR) is a primary BTC proxy because the company discloses substantial Bitcoin holdings and a policy to acquire and hold BTC as a treasury reserve asset, making its equity highly sensitive to BTC price moves (source: MicroStrategy investor relations and SEC filings). A practical setup is to monitor the MSTR/BTC ratio and the premium or discount of MSTR’s market capitalization versus the mark-to-market value of its disclosed BTC holdings plus core software business, while tracking any convertible note issuances or at-the-market equity programs that alter exposure and dilution (source: MicroStrategy SEC filings and press releases). Other listed names with disclosed BTC on balance sheet include Tesla (TSLA) and Block (SQ), providing alternative BTC-linked exposure with distinct operating risks and beta profiles (source: Tesla and Block SEC filings). This rotation theme suggests monitoring liquidity and tracking differences between BTC spot and equity proxies to manage basis risk, as highlighted by the author (source: Jason Fang, X).

According to @Andre_Dragosch, MicroStrategy (MSTR) has added 10,100 BTC to its treasury, bringing its total holdings to 592,100 BTC at an average price of $70,666 per coin. This major purchase, funded by a $979.7 million preferred stock (STRD) offering, comes as MSTR's stock experiences its lowest 10-day realized volatility since its initial bitcoin adoption in 2020. The analysis suggests that this compression in volatility, with implied volatility also near historic lows at 48.33%, could diminish MSTR's appeal for traders who have historically used it as a high-volatility proxy for Bitcoin (BTC). As MSTR's price swings lessen, capital may rotate to more volatile bitcoin-linked equities, even as the company continues its aggressive accumulation strategy.