MSTR Share Accretion Update and further explanation (Patreon)

Time and data so far suggest that holding MSTR was better than holding BTC.

If we just look at the last 9 mths from September 2024 to June 2025, with a 150% return for MSTR versus 76.67% for BTC. This outperformance was driven by share accretion (CHART ABOVE), where MicroStrategy's purchase of additional BTC increased BTC per share by 54.78%, amplifying returns beyond BTC's price appreciation - (BTC went from 59K to $106K in that same timeframe). MSTR has completely smoked all other assets last 5 years including BTC... if they can keep up the share accretion, MSTR should continue to outperform BTC

EXPLAINED ANOTHER WAY:

Because MicroStrategy keeps stacking BTC over time.

• Each share of MSTR now represents more BTC (SATS per Share) than before—specifically, a 54.78% increase in BTC per share in 9 mths.

• That means MSTR’s share price benefits not only from BTC’s rising price, but also from the fact that each share now holds more BTC.

• My SATS per share has gone up 8.45x since I first bought MSTR in 2020.

• MSTR has gone up 3000% in this timeframe.

• If MicroStrategy continues to accumulate BTC (increasing BTC per share), this pattern of outperformance could persist.