MicroStrategy gained 22x since 2020. BTC gained 8x. The difference is reflexive accumulation. • MSTR has acquired 550K+ BTC now worth 50B+ • When MSTR trades above its BTC value, management raises capital to buy more BTC creating a self-fulfilling cycle • This amplifies both upside and downside. BTC's 29% correction triggered MSTR's 50% decline in early 2025 MicroStrategy created a blueprint for turning capital markets into an accumulation engine.