Strategy Inc. (NASDAQ: MSTR) Stock Surges 60% In Three Months As Bitcoin Treasury Expands, But Valuation Concerns Linger

Strategy Inc. (NASDAQ: MSTR) has emerged as a standout performer among Bitcoin-linked equities, with its shares climbing roughly 60% over the past three months.

The rally stands in sharp contrast to the performance of U.S.-listed Bitcoin miners, with Riot Platforms (NASDAQ: RIOT) and CleanSpark (NASDAQ: CLSK) falling 19.7% and 17.3%, respectively, over the same period.

The divergence underscores how exposure to the same underlying asset can produce radically different outcomes depending on a company’s business model and capital structure.

Strategy’s share price is driven primarily by its Bitcoin treasury rather than its enterprise analytics software, which continues to generate recurring revenue but attracts relatively little investor attention.

As of October 4, the company held 848,000 Bitcoin, up from 672,500 at the end of 2025, with its most recent purchase consisting of 334 coins acquired for $28.7 million, bringing total acquisition costs to $63.97 billion.

Unlike a spot Bitcoin fund, however, Strategy also carries corporate financing obligations and management execution risk that investors must weigh carefully against the potential upside of a growing treasury.

A key metric to watch is Bitcoin per diluted share, which rose 5% to 210,824 satoshis during the second quarter under the company’s own calculation, though the figure later stood at 203,683 satoshis by late July.