Strategy's shares, which trade under the ticker MSTR, turned $100 into $226 by 10 November 2026. The start date was 11 January 2024. The same $100 in IBIT, the iShares Bitcoin Trust, became $157. IBIT is an ETF, a fund whose shares trade on a stock exchange, and it holds Bitcoin. In Bitcoin itself, the digital currency that no bank or government issues, the $100 became $159. None of the three paid dividends, which are cash payments to shareholders.
MSTR's ride was far rougher. Its worst fall from a high price was 82.6%, against 53.3% for IBIT. IBIT holds Bitcoin, plus a little cash. Strategy is a company that holds Bitcoin, sells software, and owed $20.82 billion on preferred stock and convertible notes on 30 September 2026. Preferred stock is a share that pays a fixed dividend. A convertible note is a loan that its holder can swap for shares.
What is the difference between MSTR and IBIT? IBIT is a fund that holds Bitcoin and cash. Its shares trade close to the value of that Bitcoin. MSTR is Strategy, a company that holds Bitcoin and sells software. It has sold preferred stock and borrowed to buy more, so its share price can sit far from its Bitcoin's value.
From 11 January 2024 to 10 November 2026, $100 became $226 in MSTR, $157 in IBIT, and $159 in Bitcoin. In 2025, MSTR fell 47.5% while Bitcoin fell 6.3%.
IBIT charges a 0.25% sponsor fee and has no debt. Strategy has no sponsor fee, but owed $20.82 billion to holders of its preferred stock and convertible notes on 30 September 2026.
On 30 September 2026, Strategy's ordinary shares, the ones that trade as MSTR, were worth 8.8% less than its Bitcoin. Counting its preferred stock at the amount owed to its holders, plus its debt, less cash, the whole company was valued 12.3% above it.
What do you own with MSTR and with IBIT?
An ETF, or exchange-traded fund, is a fund whose shares trade on a stock exchange like a company's. BlackRock's iShares unit sponsors the trust.
IBIT's filing says the trust's assets consist solely of Bitcoin and cash. It held 801,033 Bitcoin on 30 September 2026, worth $67.04 billion.
Strategy Inc is a company listed on the Nasdaq exchange. It has two businesses.
Its Bitcoin business holds about 99% of the company's assets. Its software business had revenue of $372.1 million in the nine months to 30 September 2026. Our guide to what Strategy does covers the company.
The table sets the two side by side on what each owns, charges, and owes. IBIT holds slightly less Bitcoin and owes almost nothing. Strategy holds more Bitcoin and owes $20.82 billion ahead of its ordinary shareholders.
IBIT | MSTR (Strategy) | |
|---|---|---|
What the shares are | Shares in a trust that holds Bitcoin and cash | Shares in a company with a software business and a Bitcoin business |
Bitcoin held, 30 September 2026 | 801,033 | 847,666 |
Value of that Bitcoin | $67.04 billion | $70.82 billion |
Sponsor fee | 0.25% a year | None (a company, not a fund) |
Owed on preferred stock and convertible notes, 30 September 2026 | None. Liabilities of $41.4 million | $20.82 billion ($14.11 billion preferred stock, $6.71 billion convertible notes) |
Price against its Bitcoin | 0.14% above net asset value, 10 November 2026 (our calculation from iShares data) | Ordinary shares 8.8% below, whole company 12.3% above, 30 September 2026 |
Worst fall, 11 January 2024 to 10 November 2026 | 53.3% | 82.6% |
Who holds the Bitcoin | Coinbase Custody Trust Company | Three custodians: Coinbase Custody 42%, Anchorage Digital Bank 38%, Fidelity Digital Assets 20% (25 October 2026) |
Source: iShares Bitcoin Trust Form 10-Q and iShares website; Strategy Form 10-Q and Form 8-K; YX Insights price data
What do MSTR and IBIT cost?
IBIT's sponsor fee is 0.25% a year of its net asset value, the value of what the fund holds less what it owes. On $10,000, that is $25 a year.
Strategy is a company, not a fund, so it has no sponsor fee. Its shareholders bear the company's running costs instead. In the three months to 30 September 2026, it recorded $419.6 million of dividends on its preferred stock and $15.4 million of interest expense. Its revenue in those months was $125.4 million.
How much debt do MSTR and IBIT carry?
IBIT carries none. Its liabilities were $41.4 million on 30 September 2026, against $67.07 billion of assets.
Strategy had six series of convertible notes on that date, with $6.71 billion borrowed. Its preferred stock carried $14.11 billion that holders are owed if the company closes down.
Lenders and preferred holders are paid before ordinary shareholders. Together they are owed $20.82 billion, 29.4% of the Bitcoin's $70.82 billion value.
Why does MSTR trade away from its Bitcoin?
On 30 September 2026, Strategy's 422.0 million ordinary shares, at the $153.09 close, were worth $64.60 billion. Its Bitcoin was worth $70.82 billion. The shares' market value was 8.8% less than the Bitcoin, a discount.
That comparison leaves out the $20.82 billion owed ahead of those shares. Add the $14.11 billion owed to preferred holders and the debt's balance sheet value of $6.72 billion. Subtract $5.91 billion of cash and short-term investments.
The whole company was valued at $79.52 billion. That is 12.3% more than its Bitcoin, a premium.
Source: Strategy Form 10-K and Form 10-Q filings; YX Insights price data
Chart 1 shows both at five quarter ends. The ordinary shares stood 26.4% above the Bitcoin on 30 September 2025, then 35.0% below it on 30 June 2026. The whole-company price stayed above the Bitcoin on all five dates, from 4.2% to 46.6%.
IBIT works differently. Authorised participants, large firms that deal directly with the fund, can create and redeem its shares for Bitcoin or cash. On 10 November 2026, IBIT's closing price was 0.14% above its net asset value, by our calculation from iShares's closing price and net asset value.
Strategy's ordinary shares have no such process. They are shares in a company, not claims on Bitcoin.
How did MSTR, IBIT, and Bitcoin returns compare?
First, Bitcoin against IBIT, where only the fund wrapper differs.
IBIT's $100 grew to $157 and Bitcoin's to $159, a gap of 1.6%.
Their weekly returns moved in step (correlation 0.99, where 1.0 is identical). A 0.25% fee over 2.83 years comes to about 0.7%. Our closes fall at different times of day, so some of the gap is timing: the daily ratio of the two ranged between 0.95 and 1.04.
Second, IBIT against MSTR. Chart 2 shows what $100 put in on 11 January 2024 became.
Source: YX Insights price data
MSTR peaked at $884 on 20 November 2024. Across the 147 weeks, a straight-line fit of weekly returns shows MSTR moving 1.6% on average for each 1% move in Bitcoin.
Chart 3 splits the return into three periods. From 11 January to 31 December 2024, MSTR rose 440.2%, IBIT 99.2%, and Bitcoin 101.5%. In 2025, they fell 47.5%, 6.4%, and 6.3%. From 1 January to 10 November 2026, they fell 20.3%, 16.1%, and 15.8%.
Source: YX Insights price data
The start date changes the order. From 31 December 2024, MSTR fell 58.2%, IBIT 21.4%, and Bitcoin 21.1%. From Bitcoin's high on 6 October 2025 to 10 November 2026, they fell 66.3%, 41.5%, and 40.9%.
How far did MSTR and IBIT fall?
A worst fall is the largest drop from a high close to a later low close. MSTR's was 82.6%, from 20 November 2024 to 26 June 2026. IBIT's was 53.3%, from 6 October 2025 to 30 June 2026. Bitcoin's was 53.1%.
Source: YX Insights price data
Chart 4 shows each day's distance below the highest close so far. On single days, MSTR fell 10% or more 12 times, against 2 for IBIT.
Volatility, the typical size of price swings in a year, was 88.1% for MSTR, 45.6% for IBIT, and 44.9% for Bitcoin.
How did we measure this?
We wrote this on 11 November 2026. Prices are daily closes from 11 January 2024, IBIT's first trading day, to 10 November 2026, the last full US session.
Bitcoin trades every day, while stocks trade on weekdays, so we used weekly returns, Friday close to Friday close, 147 in all. The yearly figure is their standard deviation, a measure of spread, times the square root of 52.
Filing figures come from Strategy's annual report (Form 10-K) and unaudited quarterly report (Form 10-Q), IBIT's quarterly report, and the iShares page.
Where do these fit in our work?
Our Macro & Megacaps Systematic Portfolio includes a crypto sleeve, a small group of up to five crypto-linked names. MSTR is a candidate for the crypto sleeve. Multi-model Signals, our set of four trading models, covers Bitcoin.
You can follow Bitcoin in Multi-model Signals.
Our guide to crypto stocks covers the listed companies tied to Bitcoin.
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Common questions about MSTR and IBIT
Is Strategy stock the same as owning Bitcoin?
No. Strategy's shares are shares in a company that holds Bitcoin, sells software, and owes money to lenders and preferred holders. From 11 January 2024 to 10 November 2026, MSTR returned 125.8% and Bitcoin 59.0%. MSTR's worst fall was 82.6%, against 53.1% for Bitcoin.
Does Strategy hold more Bitcoin than IBIT?
Yes, on 30 September 2026. Strategy held 847,666 Bitcoin and IBIT held 801,033. IBIT's net assets of $67.03 billion come only from Bitcoin and cash. Strategy's Bitcoin was valued at $70.82 billion, but it also owed $20.82 billion to holders of its preferred stock and convertible notes.
How much does IBIT charge compared with Strategy?
IBIT charges a sponsor fee of 0.25% a year, which is $25 on $10,000. Strategy has no sponsor fee. Its costs show up as dividends on preferred stock and interest on notes: $419.6 million and $15.4 million in the three months to 30 September 2026.
Has MSTR beaten Bitcoin since IBIT launched?
Yes, from 11 January 2024 to 10 November 2026, but not from every start date. MSTR rose 125.8% against 59.0% for Bitcoin. From 31 December 2024, MSTR fell 58.2% while Bitcoin fell 21.1%. MSTR beat Bitcoin in 72 of 147 weeks.
DISCLAIMER: This article is intended for educational purposes only. Any information or analysis in this note does not constitute an offer to sell or a solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice, nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.
