MicroStrategy, an early institutional investor in Bitcoin, has seen a 36x return on its initial investment, making it the largest public holder of BTC. Over the past year, Bitcoin has gained 150% in value, while MicroStrategy's stock (MSTR) has risen almost 300%. Despite the performance driven by its Bitcoin holdings, MSTR stock is more volatile. MicroStrategy's Bitcoin strategy has generated over a 1000% return, and BTC forms around 46% of the company's market cap. MSTR stock has a higher Sharpe ratio than Bitcoin, indicating better returns with higher risk. In September, public companies held 361,735 BTC, and institutional participation in Bitcoin is strong.



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