Will Strategy Overtake Bitcoin in Returns This Month? Who Will Be the Final Winner?

▲ Strategy (MSTR), Bitcoin (BTC)/ChatGPT-generated image

Bitcoin (BTC) prices continue to struggle to break out of their downward trend. Against this backdrop, the market is paying attention to whether Strategy (MSTR), the world’s largest corporate holder of Bitcoin, could outperform Bitcoin returns by the end of February.

Over the past month, Bitcoin has fallen about 23%, currently hovering around $68,063. In contrast, Strategy shares closed at $131.05 last Friday, showing relative resilience. According to CoinGape, as of February 17, Strategy holds a total of 717,131 BTC. The average purchase price of these holdings is approximately $76,027, bringing the total investment to $54.5 billion. At current prices, the holdings are valued at about $48.8 billion, reflecting an unrealized loss of roughly $5.7 billion.

Strategy has traditionally functioned as a leveraged proxy for Bitcoin. Over the past five years, MSTR’s beta has stood at about 3.5, meaning that when Bitcoin moves 2%, the stock has fluctuated between 4% and 6%. Michael Saylor has consistently drawn market attention by announcing additional Bitcoin purchases every Monday. In particular, the “Bitcoin for Corporations” conference scheduled for February 24–25 in Las Vegas is considered a key variable that could determine the direction of Strategy’s stock by the end of the month.

Technical analysis indicates that MSTR is currently trading between support at $125 and resistance at $135. The RSI stands at 54.97, suggesting a mild bullish trend, while the MACD is also signaling a positive crossover. While Bitcoin has declined 22% year-to-date, MSTR has fallen only 13.75%, maintaining relative outperformance. Although $3.8 billion has flowed out of spot Bitcoin ETFs over the past five weeks, putting pressure on Bitcoin’s price, Strategy’s shares appear supported by corporate buying interest and expectations surrounding the conference.

The Bitcoin network’s hash rate remains at 1,000 EH/s, while Lightning Network capacity exceeds 5,600 BTC, demonstrating a solid technical foundation. Rather than selling Bitcoin, Saylor operates a unique financial model that funds additional purchases through equity issuance or bond offerings. Experts believe that while Bitcoin trades sideways around $68,000, the resilience shown in Strategy’s stock could further widen the performance gap through the end of February.

Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.