Discharge of responsibility: The analyst who wrote this article has actions in strategy.
The performance adjusted by the risk of Bitcoin continues to stand out, with an acute ratio of 2.15, the highest among the main assets. This means that, in relation to its volatility, Bitcoin has delivered exceptional yields during the historical period.
Strategy (Mstr)that maintains a significant exposure to Bitcoin through corporate holdings, closely continues with an acute relationship of 2.00, which reflects equally strong performance.
A 2 Sharpe ratio means that an asset has delivered twice as much excessive performance over the risk -free rate for each volatility unit taken, which is considered excellent in the terms of risk -adjusted performance.
For the context, several technology names of great capitalization are grouped around a 1.0 Sharpe ratio.
The data are current as of August 14, for values and August 15, for Bitcoin, according to the strategy board.
A key controller in recent times has been the compression of volatility. The implicit volatility of Bitcoin has fallen to 37%, about a minimum of two years, suggesting that market participants expect a more stable short -term price action.
While Vetle Lunde, an analyst at K33 Research, says that “low volatility is maturity” and points out that in the last six months, 30% of the 100 largest S&P companies have been more volatile than Bitcoin, which shows that cryptocurrency is becoming a class of mature assets.
On the contrary, Mstr’s implicit volatility is higher in 56%, since it is a bitcoin procurement, but this figure is well below the ends observed in the last year, with 140% in December 2024 and more than 120% in April 2025, according to the strategy board.
From an assessment perspective, the value of multiple to mstr assets (MNAV) He sits in 1.61 after his recent earning calls of the second quarter. The company has declared that it will not make an offer in the market of its common shares until its MNAV increases above 2.5, except for paying dividends in its perpetual preferred actions and to pay interest on its debt obligations.
Bitcoin from year to date has increased by 27%, while Mstr has increased by 24%.
