Who is beating bitcoin?
How to read it
One benchmark. Two numbers.
Stock % is the company return. “Vs BTC” is Stock % minus the BTC 24/7 return shown on the line.
Selected period · cumulative return
Price return in USD from the period’s start · runners below show each interval
BTC 24/7 --
Compare the companies.
Who performed best? Same dates, same currency Price return = ending close ÷ starting close − 1. All included companies and BTC share the displayed calendar start and end dates; exchanges close at different times. Metaplanet is converted to USD, including currency movements. Prices are daily closing prices from the market-data feed. Cash distributions, fees and taxes are not included; this is not total shareholder return. Split adjustments follow the price source. Return and risk Return relative to BTC = (1 + stock return) ÷ (1 + BTC return) − 1. It is a relative wealth change, not a percentage-point gap. Max drawdown is the largest percentage decline from an earlier closing-price peak within the window, including the initial price. It uses each asset’s available daily closes; BTC includes weekends. Intraday lows are not captured. Window rules The window ends on the latest completed date with prices for all available stocks and BTC. Its start is the latest shared close on or before the selected lookback. A stock without the full window is excluded from comparisons, never ranked using a shorter period. MAX uses the longest shared history. Frequency and capture use close-to-close sessions inside these dates, with BTC matched to each exchange’s hours where possible. The result comparison uses calendar-date daily closes, so it is not obtained by adding the session gaps.
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How often do they beat bitcoin? How to read the counts Stock / BTC counts who had the higher session return. On a falling day, winning can mean losing less. BTC rose or fell over that stock’s close-to-close interval, including overnight moves and weekends between sessions. Ties are shown separately and count as a win for neither. BTC is matched using available hourly prices; older intervals or missing hourly data use daily prices, so timing is approximate. The stocks trade in different markets and do not share identical observation hours.
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Asymmetry Coefficient: who has the highest ratio? What it measures The Asymmetry Coefficient compares a stock’s participation in BTC’s rising sessions with its participation in falling sessions. Our BTC-focused framework uses established upside and downside capture ratios. The coefficient is their quotient, not a new measure of intrinsic value. How it is computed up capture ÷ down capture Sessions are grouped by BTC’s direction. In each group, the stock’s geometric mean return per session is divided by BTC’s. These two ratios are upside and downside capture. Using per-session averages avoids inflating the ratio just by extending the window. The sample still matters: this is historical behaviour, not a fixed multiplier or forecast. How to read it above 1.00upside capture exceeds downside capture 1.00equal capture in both directions below 1.00downside capture exceeds upside capture These readings assume both capture ratios are positive. Negative ratios mean the stock moved against BTC in one or both groups. The coefficient alone does not establish total return, lower risk or investment quality.
What drove the result? What it measures A decomposition of the stock’s return into BTC’s price, BTC per share, and the premium. How it is computed 1 + return = (1 + bitcoin’s return) × (1 + Δ bitcoin per share) × (1 + Δ premium) Bitcoin per share is BTC held divided by the share count in the dataset: provider diluted shares for Strategy, Metaplanet and Strive; reported economic Class A shares for Twenty One. The premium is the share price divided by the value of the bitcoin behind each share (share price × the same share count, divided by the value of BTC held; also called the gross BTC multiple). At 1.00× a share costs exactly its bitcoin; at 1.50× it costs 50% more; below 1.00× less. With these definitions, the three factors multiply to the stock’s price return. This is not an issuer’s reported mNAV. Return relative to BTC means (1 + stock return) ÷ (1 + BTC return) − 1. This is a relative wealth change, not a percentage-point difference. How to read it verticalchange in BTC per share horizontalchange in the premium; hover a company for its level at the start and end dashed curvethe same return as BTC: 0% stock return relative to BTC. Green areas beat BTC; red areas trail it. Treasury outcomes and market expectations More BTC per diluted share is an outcome of the treasury strategy, not a complete management rating. Debt or preferred funding can increase this figure while adding claims that the measure does not deduct. A higher premium means investors paid more relative to the BTC backing each diluted share. Expectations and sentiment can influence it, but so can financing terms, liquidity and the value of other activities. It is not a pure sentiment measure, and the two axes need not be independent. Worth knowing The horizontal axis shows a change in the premium, not its current level. A falling premium can still be high; this chart alone cannot identify undervaluation. The premium here is gross: it does not deduct debt or preferred claims, or add cash and other assets. It is not net asset value or a fair-value estimate. Strategy, Metaplanet and Strive holdings and share counts are sourced via StrategyTracker and carried forward between updates. Twenty One uses SEC filings and its reported Class A basis. Strive’s provider count includes shares underlying warrants; Strive’s own published diluted count excludes them. This definition can materially change BTC per share and the comparison. Prices use available daily closes; the daily table instead compares each stock with BTC over its close-to-close interval. The feed retrieval date is not the date of every underlying disclosure. This is a historical reconstruction: publication dates can follow the effective dates in the dataset. It is not a backtest of information available to investors on each date. The historical sections use the same comparison dates. MAX uses the longest shared history; axes and cards show changes over that shared window, not annualised rates. Selected window
MAX uses a different history for each company; chart axes show annualised changes.
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Where do they stand now? What it measures Current levels at the latest common completed close, independent of the historical window above. verticalBTC held divided by the share count in the dataset horizontalpremium: share price divided by the value of the BTC behind each share Premium = share price ÷ (BTC per share × BTC price) The dashed line at 1.00× means the share price equals its gross BTC backing. This multiple does not deduct debt or preferred claims, or add cash and other assets. It is not an issuer’s reported mNAV or a fair-value estimate. Share counts matter A stock split changes BTC per share without changing the underlying economics. A higher position is not a ranking of treasury quality. Strategy, Metaplanet and Strive use provider diluted shares; Twenty One uses reported economic Class A shares. Strive’s provider count includes shares underlying warrants, unlike its own published diluted count. Data dates Latest recorded holdings and share counts at or before the price date are carried forward between updates. Hover or focus a company for its input date; holdings and share counts may lag the price. No historical purchase interpolation is applied to this snapshot.
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BTC per share depends on share structure and stock splits; higher does not mean better. Premium is gross of debt and preferred claims.
Everything here is shown for interest, not as investment advice.
Photo: “Michael Saylor 2022” by ReasonTV, CC BY 3.0; cropped and composited.