Notice of non-responsibility: The analyst who wrote this article has actions in the strategy.
The performance adjusted at the risk of Bitcoin continues to stand out, with a Sharpe ratio of 2.15, the highest among the main assets. This means that, compared to its volatility, Bitcoin provided exceptional yields during the historic period.
Strategy (MSTR)which maintains a significant exposure on Bitcoin through corporate titles, follows closely with a 2.00 Sharpe ratio, reflecting similar performance.
A Sharpe Sharpe ratio means that an asset has delivered the excess yield twice compared to the risk -free rate for each volatility unit taken, which is considered to be excellent in terms of risk adjusted at risk.
For the context, several technological names with large capitalization are grouped around a 1.0 Sharpe ratio.
The data is up to date on August 14, for the titles and August 15, for Bitcoin, according to the dashboard of the strategy.
A key driver recently for both was compression of volatility. The implicit volatility of Bitcoin fell to 37%, near two years, which suggests that market players expect more stable short -term price action.
While Vetle Lunde, analyst at K33 Research, says “a low volatility is mature” and notes that in the last six months, 30% of the 100 largest S&P 500 companies have been more volatile than Bitcoin, which shows that cryptocurrency becomes more and more a class of mature active ingredients.
On the other hand, the implicit volatility of MSTR is higher at 56%, because it is a leverage bitcoin proxy, but this figure is below the extremes observed in the past year, with 140% in December 2024 and more than 120% in April 2025, according to the dashboard of the strategy.
From the point of view of the evaluation, the multiple value to an active MSTR (Mnav) is 1.61 after his recent call for results in the second quarter. The company said that it would not carry out an offer to the market for its ordinary shares until its MNAV exceeds 2.5, with the exception of paying dividends to its perpetual privileged shares and paying interest on its debt obligations.
Bitcoin of the year up to date increased by 27%, while MSTR increased by 24%.
