Key Insights

• MSTR achieved a total return of 89%, largely due to its Bitcoin exposure and significant price increase.
• MSTY generated a 59% return including dividends, amounting to $36.53 distributed across 13 months.
• As MSTR’s volatility decreased, the income from options shrank, which affected both distributions and MSCY’s share price performance.

Investment Comparison

Between April 2024 and April 2025, investors utilized different strategies with MSTR and MSTY. MSTR focused on capital growth through Bitcoin investments, while MSTY aimed for income through options trading without owning MSTR directly. Since its transformation into a Bitcoin proxy in August 2020, MSTR’s shares have risen substantially, now holding 531,644 BTC. However, fluctuations have also been considerable, with current volatility metrics showing an implied volatility of 87% and a 30-day historic volatility of 102%.

In contrast, MSTY utilizes U.S. Treasury bills and synthetic options, providing a steady income, though it hasn’t fully capitalized on MSTR’s upward momentum due to its restrictiveness on returns.

Detailed Performance

From an initial $1,000 investment:

• MSTR: Increased to $1,895, showcasing a return of 89% driven by Bitcoin’s growth.
• MSTY: With monthly distributions and reinvestments, it grew to $1,591, reflecting 59% returns.

Despite this, MSTY experienced a 45% decline due to its vulnerability to MSTR’s price changes. It has also shown notable volatility and frequent premiums and discounts relative to net asset value (NAV).

Conclusion: MSTR offers high-risk growth potential linked to Bitcoin’s performance, while MSTY is structured to provide consistent returns through options trading, appealing to a different investor profile.