Denial: The analyst to write this piece owns the strategy sharing (MSTR).
From April 2024 to April 2025, Strategy (MSTR) investors and DidentMax MSTR Income Strategy Strategy ETF (MSTY) followed two different investment paths-a seeking capital appreciation by exposure to bitcoin (BTC), the other pursuit of monthly income by stabilizing staff. Both are linked to the MSTR performance, but their outcomes and structures differ greatly.
The approach, listed in Nasdaq, has changed from a business software company to a de facto bitcoin proxy. Until April 15, the The company holds 531,644 btcIt makes its stock highly sensitive to bitcoin price movements. Since the adoption of the Bitcoin treasury strategy in August 2020, the MSTR shares rose to more than 2,500%. However, this growth has volatility: Currently, the stock has a indicated volatility of 87%and a 30-day historical volatility of 102%. The MSTR is currently 43% below all its high-set sets in November 2024, reflecting the sharp swings typical of a asset correlated asset. Stock does not pay dividend.
In contrast, Msty, launched in April 2024, is an ETF dedicated to income that does not directly hold the MSTR sharing. The Msty portfolio consists primarily of US Treasury bills, cash, and short-term MSTR call options, allowing it synthetically to reply exposure without directly ownership of stock.
It uses a synthetic covered call approach, selling MSTR options to generate monthly income. This approach limits the reversal participation but delivers the same cash flow, appealing to investors looking for regular distributions.
From April 4, 2024 to April 9, 2025, a $ 1,000 investment in each product will produce the following results:
- MSTR: -FUELED by the strong 2024 Bitcoin rally, the investment grew to $ 1,895, forming a +86% total return.
- Msty: By 13 monthly distribution costs $ 36.53 (from $ 4.13 on April 2024 to $ 1.33 in April 2025) which re-granted each ex-dividend date, the investment reached $ 1,591, A +59% total return.
However, Msty declined 45% during the year due to its full collapse of MSTR price movements, without benefiting from the MSTR rallies due to the approach to writing its call. In addition, the same high -monthly distribution – slightly classified as the return of capital – reduced the net asset value of the fund over time, further weighing its sharing price.
Msty has shown significant volatility to its own right, often trading premiums or discounts on the net asset (NAV) value, which introduces additional price risks.
The Premium/discount The Msty activity reflects the same investor demand and is grounded in volatility to MSTR. Early high volatility supports the strong income of the option and premium trade, but while volatility is eased in 2025, premiums narrow and discounts often appear. However, a modified Bitcoin rally and increasing volatility to MSTR can reverse this trend, raising option, distribution, and investor demand.
While both products are linked to MSTR price action, they serve unique goals: MSTR offers high risk potential growth tied to Bitcoin, while Msty delivers produce through a derivative-based approach with natural structural limitations.
Unlike traditional revenue techniques focused on low-volatility, stable investments such as extensive ETF index or dividend stocks. Msty is dedicated to retail investors looking for high income – but also want to accept increased risk and volatility.
