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A lot of people still think $MSTR is just "leveraged Bitcoin." I think it's a little more interesting than that. Since adopting Bitcoin in August 2020, the company has outperformed $BTC over every rolling four-year period. The reason isn't magic. It's Bitcoin per share. As long as MicroStrategy keeps increasing the amount of BTC backing each share, shareholders gain exposure to a growing Bitcoin position without buying more BTC themselves. Of course, there's another side to that trade. If Bitcoin enters a prolonged bear market, $MSTR will likely feel it even harder. But while the accumulation strategy continues, I wouldn't be surprised to see it keep outperforming Bitcoin over the long run.