LESS HINDSIGHT. MORE PERSPECTIVE.

What if you had hodled?

Compare Strategy (MSTR), Bitcoin, the S&P 500, Nasdaq-100 and gold. Explore historical investment returns and the drawdowns along the way.

Refreshing daily prices

New here? Choose an amount and date. Compare the outcome. Explore the journey.

Explore every start date ↓
More options Until Sep 8, 2026 · $0.00/month · Linear scale · Events on

Dates and contributions update when you select Update comparison. Chart switches apply immediately.

StrategyBitcoinS&P 500

Search by name or ticker. USD listings only; up to six investments.

Quick comparisons
Jump to
Aug 11, 2020 — Sep 8, 2026

Your $100.00 became $1,012.08 in Strategy.

Aug 11, 2020Sep 8, 2026 · One-time investment

Total invested$100.00
Profit / loss+$912.08
Difference vs BitcoinAhead by $324.66324.7 percentage points higher return

The difference compares the same contributions over the same period. Historical results, before taxes and trading fees. Questions about these results?

THE BIG PICTURE

One investment. Different journeys.

Understand this comparison ↗

Select a name to hide or show its curve. Statistics and exports still include every investment.

Portfolio value · USD · One-time investmentLinear scale · Event markers on
Prices through Sep 8, 2026Comparison ends Sep 8, 2026Data dates & sources

“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…

MSTRLast price: Sep 8, 2026Retrieved: Sep 9, 2026Saved snapshot · Yahoo Finance ↗
BTC-USDLast price: Sep 8, 2026Retrieved: Sep 9, 2026Saved snapshot · Yahoo Finance ↗
SPYLast price: Sep 8, 2026Retrieved: Sep 9, 2026Saved snapshot · Yahoo Finance ↗
How dates and prices are used →
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Show detailed statistics All investments, returns, drawdowns and recovery times

StrategyMSTR

$1,012.08

+912.1%$100.00 invested

BitcoinBTC-USD

$687.42

+587.4%$100.00 invested

S&P 500SPY

$249.92

+149.9%$100.00 invested

BEYOND THE FINAL NUMBER

The return. And the ride.

AssetProfit / lossBuy & 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

Could you have held on?

-89.3%

The biggest peak-to-trough drop for Strategy, measured in USD, in your selected period.

1,119 days from peak to recovery

THE WAIT IS PART OF THE JOURNEY

How long were you underwater?

Asset prices measured in USD, excluding contributions. Only peaks inside your selected period are considered.

Strategy

Calendar days below an earlier peak
2,135
Longest peak-to-recovery spell
1,119 days

Feb 9, 2021Mar 4, 2024
Recovered within this period.

Latest decline: 657 days since Nov 20, 2024. Not recovered within this period.

Bitcoin

Calendar days below an earlier peak
2,124
Longest peak-to-recovery spell
847 days

Nov 8, 2021Mar 4, 2024
Recovered within this period.

Latest decline: 337 days since Oct 6, 2025. Not recovered within this period.

S&P 500

Calendar days below an earlier peak
1,862
Longest peak-to-recovery spell
709 days

Jan 3, 2022Dec 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.

Explore

THE BITCOIN BALANCE SHEET

The mNAV lab

Understand mNAV

Explore what the market pays for Strategy’s Bitcoin exposure.

EV / Bitcoin NAV 1.02×

Basic market cap + debt + preferred stock − cash, divided by Bitcoin value.

Gross equity / Bitcoin NAV 0.78×

Diluted market cap divided by gross Bitcoin value. Senior claims are not deducted.

Bitcoin held845,050BTC

$66.69B treasury value at the source’s Bitcoin price.

Bitcoin per diluted share 219,922sats

Gross exposure before senior claims, using the provider’s diluted share count.

Understand this metric ↗

CHANGE THE ASSUMPTIONS

What if Bitcoin moves?
What if the multiple changes?

Keep the capital structure fixed and explore the effect on MSTR.

−75%+150%
0.25×3.00×
Implied MSTR price$135.99

+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.

Source, freshness & calculation inputs

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

What changed beneath the share price?

Basic EV / Bitcoin NAV 1.03×Gross diluted equity / Bitcoin NAV 0.79×

Oct 13, 2025Sep 8, 2026 · Historical inputs: mNAV.com ↗ · Saved snapshot. Only dates with all required inputs are included. Balance-sheet figures can carry forward between reports.

Gross, net and mNAV: what these lines mean

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

The Strategy timeline

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

Bitcoin Fear & Greed

Market sentiment, separate from investment performance.

Loading sentiment…

Data: Alternative.me ↗

STAY IN THE LOOP

The HODL wire

Checking sources…

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.

Learn

FAQKey ideasMethodology

A FEW THINGS WORTH KNOWING

Questions, answered.

What is StrategyHodl?

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
How can I compare MSTR with Bitcoin over time?

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
Where did the Explore tools go?

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
Can I continue my last comparison?

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
Does the portfolio mix rebalance?

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
Why do some headlines say they are saved?

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
What visitor information does the counter collect?

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
Why did my start or end date change?

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
Does this include dividends and stock splits?

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
Why is gold shown as GLD, and the S&P 500 as SPY?

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
Why are the prices not live?

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
Why did my result stay the same after I changed an input?

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
What does the Bitcoin view mean?

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
Can I search for any company?

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
Will Reset comparison delete my saved comparisons?

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
Where are the detailed statistics?

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
Does Copy link remember my chart settings?

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
How is purchase timing different from monthly contributions?

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
What does “Not recovered within this period” mean?

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

There’s more to Strategy than the share price.

Explore the official dashboard
01 / BITCOIN PER SHARE

Look beyond the total stack.

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 ↗
02 / PREMIUM & CAPITAL

What does mNAV compare?

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 ↗
03 / BTC YIELD

A company metric, not your return.

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

A fair comparison starts with clear assumptions.

Prices & benchmarks

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.

Dates & contributions

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.

Returns & risk

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.

Coverage & limitations

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.

Data sources and freshness

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.