According to Charlie Bilello, 1-year returns show Bitcoin BTC at minus 1 percent, MicroStrategy MSTR at minus 63 percent, and the 2x Long MicroStrategy ETF MSTU at minus 95 percent, highlighting a sharp divergence among BTC, its equity proxy, and a leveraged ETF as of Nov 21, 2025 (Source: Charlie Bilello on X, Nov 21, 2025). Based on these figures, BTC outperformed MSTR by 62 percentage points and MSTU by 94 percentage points over the period, underscoring the impact of instrument selection on realized BTC exposure (Source: Charlie Bilello on X, Nov 21, 2025). For trading strategy, the data indicate that direct BTC exposure had far smaller drawdowns than MSTR or the 2x MSTU over the last year, emphasizing tighter position sizing and risk controls when using equity or leveraged BTC proxies (Source: Charlie Bilello on X, Nov 21, 2025).