MicroStrategy's stock has become synonymous with Bitcoin's price movements, exhibiting a 90-day rolling correlation of approximately 0.97. This means that MSTR's value closely tracks the cryptocurrency's fluctuations, often resulting in amplified volatility due to its leveraged position.
The company's financial structure is deeply intertwined with its Bitcoin holdings, with MicroStrategy owning 762,099 BTC valued at roughly $51 billion. This massive holding serves as both leverage and limitation, backing both MSTR common shares and STRC perpetual preferred shares.