Strategy (formerly MicroStrategy) has widened the gap between its stock performance and Bitcoin's price in 2026. MSTR shares are up roughly 6.8% year-to-date, while Bitcoin itself has dropped about 12.5% over the same stretch — a nearly 20-percentage-point divergence that investors attribute to confidence in the company's capital-markets machinery, not just its Bitcoin exposure.
The company now holds 843,738 BTC as of May 18, up from 672,500 at the end of 2025. That's a year-to-date increase of 171,238 bitcoin, bought at an aggregate cost of $63.87 billion. The average price per coin: $75,700.
Why MSTR is beating Bitcoin
The stock's outperformance isn't simply a levered play on the crypto price. Traders and analysts following the name say the premium MSTR trades above its net asset value reflects a bet on executive chairman Michael Saylor's ability to raise cheap capital and keep buying. The company has used a mix of convertible notes, at-the-market equity sales, and preferred stock to fund acquisitions.
Bitcoin's 12.5% decline this year has tested that thesis, but so far the market is giving Strategy credit for execution. MSTR shares have held up far better than the underlying asset, suggesting the equity is pricing in future buying power rather than just the existing stash.
Preferred stock: STRC emerges as the 2026 funding gauge
Among Strategy's four preferred stock issues, STRC has been the standout. It's down just 0.36% year-to-date — nearly flat. Compare that to STRD (-1.78%), STRF (-3.33%), and STRK (-8.14%). All four have outperformed Bitcoin's double-digit loss, but STRC's resilience makes it the key indicator for whether Strategy can keep issuing preferred shares at favorable terms to fund more purchases.
The fact that STRC is trading almost unchanged while the broader crypto market struggles suggests the market still has appetite for Strategy's structured products — a crucial condition if the company is to maintain its pace of Bitcoin accumulation through 2026.
The next question is whether that appetite holds if Bitcoin slides further. With the average cost per coin now at $75,700 and the current price well below that, the paper loss on the total position is substantial. But the stock and preferred markets are signaling that investors are focused on the funding engine, not the mark-to-market.
For now, Strategy keeps buying, and the market keeps grading it on execution. STRC's near-flat performance will be the number to watch in the weeks ahead.
