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BTC + MSTR investing — long-form guides
Plain-English deep dives on the metrics, mechanics, and trade-offs of Bitcoin and Strategy (MSTR) exposure.
Exposure analysis
How much Bitcoin do you actually own?
A guide to calculating your effective BTC exposure across direct BTC, MSTR, spot ETFs, and Strategy preferreds — and why the number is usually higher (or lower) than you think.
MSTR mechanics
Why MSTR isn't a Bitcoin proxy
MSTR moves with Bitcoin, but it's not a one-to-one substitute. Here's what mNAV, capital structure leverage, and BTC torque actually mean for your portfolio — and when MSTR makes more sense than spot BTC, and when it doesn't.
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