Bitcoin Price Outshines Gold Again, Powered By Strategy

Bitcoin has outperformed gold for a third straight week, driven largely by heavy buying from Strategy (MicroStrategy). Month-to-date bitcoin is up 14.5% (via the iShares Bitcoin Trust proxy), versus gold’s 0.7% gain. Weeks when Strategy bought >$1bn of bitcoin corresponded with strong bitcoin vs. gold outperformance; recent weekly buys peaked at $2.542bn. MicroStrategy’s balance-sheet mechanics — STRC preferred stock trading below par (about 99.46) and rising STRC interest (now ~11.5%) — limit preferred issuance, but the company has used MSTR share offerings (2.165M shares, ~$366m) to fund purchases. MicroStrategy’s enterprise value (~$79.25bn) implies a ~$16bn premium to its bitcoin holdings, a dynamic that both enables further buying and creates potential headwinds if issuance pressures rise. Bitcoin near $77,620; GLD showing modest gains.