Strategy
- Calendar days below an earlier peak
- 2,135
- Longest peak-to-recovery spell
- 1,119 days
Feb 9, 2021 → Mar 4, 2024
Recovered within this period.
Latest decline: 657 days since Nov 20, 2024. Not recovered within this period.
LESS HINDSIGHT. MORE PERSPECTIVE.
Compare Strategy (MSTR), Bitcoin, the S&P 500, Nasdaq-100 and gold. Explore historical investment returns and the drawdowns along the way.
New here? Choose an amount and date. Compare the outcome. Explore the journey.
Aug 11, 2020 — Sep 8, 2026 · One-time investment
The difference compares the same contributions over the same period. Historical results, before taxes and trading fees. Questions about these results?
THE BIG PICTURE
Select a name to hide or show its curve. Statistics and exports still include every investment.
“Prices through” is the latest shared price date available for these investments . Your selected end date may be earlier. Retrieval dates show when data was fetched, not when the prices were recorded.
Checking for newer daily prices…
Save the current backtest on this browser. No account required; clearing browser data removes favorites.
Your favorite comparisons will appear here.
StrategyMSTR
BitcoinBTC-USD
S&P 500SPY
BEYOND THE FINAL NUMBER
| Asset | Profit / loss | Buy & hold CAGR | Max. drawdown |
|---|---|---|---|
| Strategy | $912.08 | +46.4% | -89.3% |
| Bitcoin | $587.42 | +37.3% | -76.6% |
| S&P 500 | $149.92 | +16.3% | -24.5% |
CAGR and drawdown measure the asset in USD, excluding added contributions.
THE CONVICTION TEST
The biggest peak-to-trough drop for Strategy, measured in USD, in your selected period.
THE WAIT IS PART OF THE JOURNEY
Asset prices measured in USD, excluding contributions. Only peaks inside your selected period are considered.
Feb 9, 2021 → Mar 4, 2024
Recovered within this period.
Latest decline: 657 days since Nov 20, 2024. Not recovered within this period.
Nov 8, 2021 → Mar 4, 2024
Recovered within this period.
Latest decline: 337 days since Oct 6, 2025. Not recovered within this period.
Jan 3, 2022 → Dec 13, 2023
Recovered within this period.
Latest decline: 26 days since Aug 13, 2026. Not recovered within this period.
Days below a peak carry each observed daily price forward until the next observation, including weekends. Recovery spells run from the most recent matching peak to the first daily price at or above it. Open spells stop at the comparison end and may take longer to recover. These measures do not use intraday prices or describe the break-even point of a personal account.
Prices through Sep 8, 2026. Some inputs use dated snapshots; see each source’s data date.
THE BITCOIN BALANCE SHEET
Explore what the market pays for Strategy’s Bitcoin exposure.
Basic market cap + debt + preferred stock − cash, divided by Bitcoin value.
Diluted market cap divided by gross Bitcoin value. Senior claims are not deducted.
$66.69B treasury value at the source’s Bitcoin price.
Gross exposure before senior claims, using the provider’s diluted share count.
Understand this metric ↗CHANGE THE ASSUMPTIONS
Keep the capital structure fixed and explore the effect on MSTR.
+0% vs source price of $135.99
Two definitions, two different questions. These are traditional EV and gross-equity multiples, not Strategy’s current official mNAV. Since July 23, 2026, Strategy defines mNAV as MSTR price divided by Net Bitcoin Per Share ($), with specific treatment of senior claims and in-the-money convertibles. Historical figures spanning that change are not directly comparable. Read the original methodology ↗
The scenario is a mechanical illustration, not a price forecast. It holds Bitcoin units, basic shares, debt, preferred stock and cash constant; it excludes future issuance, conversions, operating assets, taxes and trading costs.
Treasury inputs: mNAV.com ↗ · Saved snapshot 9/9/2026, 3:01:26 PM UTC. Prices may be intraday; balance-sheet inputs can be older. This panel is independent of your backtest dates.
BTC price $78,914 · Basic shares 351,668,784 · Diluted shares 384,250,534 · Debt $ 6.71B · Preferred stock $ 15.46B · Cash $1.71B.
Implied price = (scenario multiple × scenario Bitcoin value − debt − preferred stock + cash) / basic shares.
THE PREMIUM HAS A HISTORY
Oct 13, 2025 – Sep 8, 2026 · Historical inputs: mNAV.com ↗ · Saved snapshot. Only dates with all required inputs are included. Balance-sheet figures can carry forward between reports.
Consistent formulas throughout. EV / Bitcoin NAV = (basic market cap + total debt + preferred stock − cash) / gross Bitcoin value. Gross diluted equity / Bitcoin NAV = diluted market cap / gross Bitcoin value.
Gross sats = total BTC / diluted shares × 100 million. Net illustration = [BTC − (all debt + preferred stock − cash) / BTC price] / the same diluted share count × 100 million. Negative values are retained where claims exceed Bitcoin value.
The net line is our simplified illustration, not Strategy’s official Net BPS. It deducts all reported debt and preferred stock, does not model in-the-money conversions separately, and excludes other assets and liabilities. It is not a redemption right or liquidation value. The multiples also differ from Strategy’s official mNAV introduced July 23, 2026; we do not splice incompatible official definitions into one series. Read Strategy’s definitions ↗
BEHIND THE PRICE
Selected official announcements within your backtest dates. Their markers also appear on the chart when MSTR is selected.
Curated through September 9, 2026. Dates are publication dates, not execution dates. Markers use the next shared chart date when needed. Nearby price moves do not establish causation. The HODL wire below carries newer reporting.
THE MOOD OF THE MARKET
Market sentiment, separate from investment performance.
Loading sentiment…
Data: Alternative.me ↗STAY IN THE LOOP
Company moves, Bitcoin headlines, and voices from Strategy.
Checking this news source…
Refreshes every 10 minutes while this page is open. Strategy coverage via Google News; Bitcoin headlines from CoinDesk. If a source fails, its last successful headlines remain available for up to seven days, with the original fetch time. Official Strategy links above remain available. Headlines are source-selected, not a complete or verified news record.
A FEW THINGS WORTH KNOWING
StrategyHodl is an independent historical investment calculator for Strategy (formerly MicroStrategy, ticker MSTR), Bitcoin and market benchmarks. It combines investment comparisons, monthly purchase simulations, portfolio mixes, drawdowns and explanations of Strategy valuation metrics. It is not affiliated with Strategy Incorporated.
Try the investment calculator →Choose an investment amount, start date and currency, then select Strategy and Bitcoin. Add the S&P 500, Nasdaq-100 or gold for context. More options lets you choose an end date or monthly contributions. Update comparison to see the historical values, gains and drawdowns, and open Data dates & sources to check the actual coverage.
Compare Strategy and Bitcoin →Explore now shows one tool at a time: Purchase timing, Holding periods, HODL game or Portfolio mix. Choose a tab to open it. Your choices stay in each tool while you switch tabs during this page visit.
Open Explore →Your last applied calculator inputs and chart choices are remembered on this browser. On a later visit, choose Continue comparison or Start fresh. A shared comparison link takes priority. Forget last comparison removes this local record without deleting named favorites. Clearing browser data also removes it.
Return to the calculator →No. It splits a starting budget between two investments, buys both once, then holds them. Their percentages can change as prices move. The mix and both single-investment comparisons use the same dates and budget; the tool shows the combined portfolio’s drawdown, not an average of the individual drawdowns.
Try a portfolio mix →When a news source cannot refresh, we keep its last successful headlines for up to seven days and show when they were fetched. Each source has its own saved copy. The official Strategy links remain available even if the news feeds cannot load.
Check the news sources →The owner sees page-view counts, approximate visits and broad traffic-source groups. The counter does not store IP addresses, contact details, calculator inputs or full referrer URLs. It uses no visitor cookies or persistent browser identifiers, and respects Do Not Track and Global Privacy Control. Visits are anonymous page sessions; reloads and separate tabs can count separately. The public counter shows visits over the last 30 days. Detailed visitor statistics are private.
Read about the site →Comparisons use dates with prices for every selected investment. A weekend, a market holiday, a later listing date or missing history can move the start forward or the end backward. Currency and Bitcoin views also need matching conversion data.
Read the date rules →The calculator uses Yahoo Finance adjusted daily prices, which account for splits and distributions where the provider supplies them. It assumes reinvestment and fractional holdings. This is a historical simulation, not a record of actual trades.
See the price methodology →GLD is the investable ETF proxy used for gold. SPY represents the S&P 500, QQQ the Nasdaq-100 and VT global stocks. Their prices reflect fund expenses and can differ from an index or the spot price of gold.
Understand the benchmarks →This is a daily historical comparison. It excludes the current UTC day and does not show intraday quotes. Market-data availability varies; when a source cannot refresh, a clearly labeled saved snapshot may be used. Open Data dates & sources near your result to see the actual coverage.
Check the calculator’s data dates →Amount, start date, end date and monthly contributions apply when you select Update comparison. An unapplied-changes message keeps that visible. Investment choices, currency and chart switches update immediately. Saving and exporting become available after your pending inputs are applied.
Return to the calculator →You still fund the investment in your selected fiat currency. Each historical portfolio value is expressed in Bitcoin using that date’s Bitcoin price. The gain compares that final BTC value with the Bitcoin the same contributions could have bought at each purchase date.
Try the Bitcoin view →Search by name or ticker and choose the correct exchange and currency. This calculator supports USD-quoted listings with sufficient adjusted price history. Non-USD listings are shown for context but cannot be selected. If name search is unavailable, you can still try an exact USD ticker.
Find an investment →No. Reset restores the default investments, amount, dates, currency and chart settings. Your named comparisons stay in this browser. They are not stored in an online account; clearing browser data can remove them.
Open saved comparisons →Open Show detailed statistics below the chart and sharing controls for returns, drawdowns and recovery times. Hiding a chart curve does not remove an investment from these calculations or from exports.
Show detailed statistics →Yes. The link includes applied amounts, dates, investments, currency, Bitcoin view, your summary comparison, hidden curves, chart scale, event settings and whether detailed statistics are open. Saved comparisons remember these choices too. The separate Explore tools have their own settings. Refreshed market data can change results when a link is opened later.
Set up a comparison →The main calculator adds new money each month. Purchase timing starts both approaches with the entire budget already available: one invests it immediately, while the other invests equal installments. Money waiting to be invested stays in the portfolio as cash earning 0% interest in the funding currency. Both hold through the same end date.
Compare purchase timing →The asset ended the selected period below an earlier peak measured in your chosen display currency. The displayed spell stops at the end of the comparison; it is not a completed recovery time or a forecast. These measures use asset prices, excluding your contributions, and consider only peaks within the selected period.
Explore recovery times →UNDERSTAND WHAT YOU HOLD
More Bitcoin in the treasury does not automatically mean more Bitcoin per share. Share issuance and the definition of diluted shares matter.
Bitcoin per share metrics ↗mNAV compares a company’s valuation with the value of its Bitcoin exposure. Our EV multiple adds debt and preferred stock to basic market cap, subtracts cash, then divides by gross Bitcoin value. The gross equity multiple uses diluted market cap instead.
A multiple above 1 means the numerator exceeds the Bitcoin value used. These lab measures differ from Strategy’s current official mNAV. Check the formula before comparing numbers.
Strategy’s official definitions ↗Strategy’s “BTC Yield” measures changes in its defined Bitcoin-per-share ratio. It is not a cash yield or the return you earn on MSTR.
Read definitions & methodology ↗THE SMALL PRINT, MADE READABLE
Yahoo Finance adjusted daily prices account for splits and distributions where supplied. S&P 500 uses SPY, Nasdaq-100 uses QQQ, global stocks use VT and gold uses GLD: investable ETF proxies, not the indices themselves. Fund expenses are reflected in their prices.
All assets begin and end on shared available dates. Only completed prior UTC dates are used. Monthly purchases occur on the anniversary of the actual start date, moved to the next shared trading date; short months use their last calendar day. Fractional units and reinvested distributions are assumed.
Return is profit divided by total contributions; it is not a money-weighted annual return. Buy-and-hold CAGR excludes contributions. Drawdown uses each asset’s own daily series, including Bitcoin weekends; chart lines use shared dates. Bitcoin and stocks close at different times, so comparisons are approximate.
Enter a supported USD-quoted ticker. Available history begins in 2014 or at the asset’s first available date. Taxes, trading fees and slippage are excluded. Data can be delayed or unavailable; dated fallback data is labeled. Historical results do not predict future returns.
MSTR · Yahoo Finance ↗ — last price 2026-09-08; retrieved 2026-09-09 (saved snapshot)
BTC-USD · Yahoo Finance ↗ — last price 2026-09-08; retrieved 2026-09-09 (saved snapshot)
SPY · Yahoo Finance ↗ — last price 2026-09-08; retrieved 2026-09-09 (saved snapshot)
Research prototype. Review market-data provider licensing and availability before a public commercial launch.