Adam Livingston(@AdamBLiv):MSTR captures 134% of Bitcoin's upside and 124% of its downside. 316 weeks. Since August 2020. When Bitcoin rises, MSTR beats it by 2.24 points per week. When Bitcoin falls, MSTR lags by 1.16. That is 1.93 points of extra upside for every 1 point of extra pain. The convexity is real and it is measurable. Everyone screams about the leverage on the way down. Very few do the arithmetic on which direction the leverage actually favors.

Adam Livingston

@AdamBLiv

The Bitcoin Wizard | Vice President, Investments @Strive Christ. Family. Bitcoin. In that order.

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Adam Livingston@AdamBLiv

2026.09.06 16:49

MSTR captures 134% of Bitcoin's upside and 124% of its downside. 316 weeks. Since August 2020. When Bitcoin rises, MSTR beats it by 2.24 points per week. When Bitcoin falls, MSTR lags by 1.16. That is 1.93 points of extra upside for every 1 point of extra pain. The convexity is real and it is measurable. Everyone screams about the leverage on the way down. Very few do the arithmetic on which direction the leverage actually favors.

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