According to Cas Abbé, MicroStrategy has outperformed Nvidia, GameStop, and the broader U.S. stock universe since 2020 due to its continuous Bitcoin accumulation strategy, source: Cas Abbé on X. MicroStrategy adopted a Bitcoin treasury strategy in 2020 and has continued to add BTC over time as part of its corporate policy, funded in part through equity and convertible debt transactions, source: MicroStrategy SEC filings and investor relations. This balance-sheet positioning directly links MSTR’s equity performance to BTC’s spot price and volatility, effectively making the stock a high-beta proxy for Bitcoin exposure, source: MicroStrategy investor materials and SEC filings. Accounting treatment for corporate crypto holdings improved with FASB ASU 2023-08 requiring fair-value measurement for crypto assets for fiscal years beginning in 2025, increasing earnings transparency tied to BTC price moves for firms like MicroStrategy, source: Financial Accounting Standards Board. Trading takeaway: monitor BTC price trend and U.S. spot Bitcoin ETFs approved in January 2024 as primary drivers, and track MicroStrategy’s financing actions such as at-the-market share issuance and convertible notes that can affect leverage and share float, source: U.S. SEC and MicroStrategy SEC filings.