MicroStrategy gained 22x since 2020. BTC gained 8x. The difference is reflexive accumulation.

• MSTR has acquired 550K+ BTC now worth $50B+

• When MSTR trades above its BTC value, management raises capital to buy more BTC creating a self-fulfilling cycle

• This amplifies both upside and downside. BTC's 29% correction triggered MSTR's 50% decline in early 2025

MicroStrategy created a blueprint for turning capital markets into an accumulation engine.