- MSTR fell 41.52% over the past year while Bitcoin gained 14.54% during the same timeframe.
- MicroStrategy delivered 16.9x returns since 2020 compared to Bitcoin’s 8.2x gain.
- Leveraged 2x MSTR ETF plunges 88.40% as volatility amplifies losses for holders.
MicroStrategy’s equity performance has diverged sharply from Bitcoin in 2025, erasing years of outperformance as the stock trades down 41.52% over the past year. During the same period, Bitcoin has gained 14.54%, creating a 57-point performance gap between the two assets.
Charlie Bilello, chief market strategist at Creative Planning, highlighted the disparity. “Returns over the last year… Bitcoin $BTC: +15% MicroStrategy $MSTR: -42% 2x Long MicroStrategy ETF $MSTU: -88%. Know what you own and why you own it,” Bilello stated.
Historical outperformance creates expectations
Annual performance data reveals MicroStrategy’s pattern of amplifying Bitcoin’s returns in both directions. In 2024, MSTR gained 342% compared to Bitcoin’s 109% advance, delivering 233% outperformance. The stock repeated this pattern in 2023 with 336% gains versus Bitcoin’s 154%, producing 182% outperformance.
However, the relationship reversed during bear markets. In 2022, MSTR dropped 75% while Bitcoin fell 65%, resulting in 9% underperformance. Similarly, in 2021, MSTR gained 32% compared to Bitcoin’s 60%, underperforming by 28%.
Since August 2020, MicroStrategy has delivered 16.9x returns compared to Bitcoin’s 8.2x over the same period. This long-term outperformance established investor expectations that MSTR would consistently amplify BTC gains.
Current market conditions tell a different story. As of November 14, 2025, MSTR trades at $208.54 per share, down 30.49% year-to-date and 54.26% from its 2025 peak. Bitcoin trades at $97,000, up 2.59% year-to-date.
Liquidation concerns dismissed
Concerns about MicroStrategy’s liquidation risk have circulated on social media. Some analysts suggested that if Bitcoin hits $75,000, Saylor’s position would face forced liquidation. However, users have clarified this claim as false.
The company’s average cost basis of approximately $73,765 means prices below this level create unrealized losses, not forced sales. MicroStrategy’s Bitcoin purchases are funded through bonds and convertible notes, not margin borrowing.
Michael Saylor responded to market conditions with a post stating “Take the Future in $STRD.” He also showed confidence in the company’s strategy despite negative performance.
The leveraged 2x Long MicroStrategy ETF (MSTU) has suffered losses, plunging 88.40% over the past year. The product amplifies daily returns in both directions, creating compounding losses during volatile periods that exceed MSTR’s decline.
Related: https://coinedition.com/why-is-crypto-down-today-1b-liquidated-as-869m-etf-outflow-hits/
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/microstrategys-historic-outperformance-reverses-as-mstr-trails-bitcoin-in-2025/
