Divinity: The analyst to write this article owns strategy shares.
Performance that suits Bitcoin’s risk continues to stand, with a sharp ratio of 2.15, the highest in major properties. This means that, associated with its volatility, Bitcoin has delivered a rare return during history.
Strategy (Mstr).
A ratio of Sharpe of 2 means that a property delivered twice to excessive return to the rate of no risk for each unit of volatility taken, which is considered excellent in adjusted performance terms.
For context, many big tech names that are clustered around a sharpe ratio of 1.0.
The data is currently until August 14th, for security and August 15, for Bitcoin, according to Approach dashboard.
A major driver of the latter for both is the volatility of volatility. Bitcoin’s implied volatility Falling to 37%, close to a two low -year -old, suggesting market participants expect more stable price action in the short term.
While, Vetle Lunde.
Conversely, the implied volatility of the MSTR is higher than 56%, as it is a leveraged bitcoin proxy, but this figure was below the excess visible last year, with 140% on December 2024 and more than 120% in April 2025, according to The Approach dashboard.
From an appreciation point of view, the MSTR Multiple in the amount of net asset (MNAV) Sitting at 1.61 following a recent Q2 income call. The company has stated that it will not make an offer in the market of its standard stock Until the MNAV increased Above 2.5, other than paying dividends on continuously preferred stock and pay interest on its debt obligations.
The year-to-date bitcoin is up to 27%, while MSTR is up to 24%.
