Strategy’s Bitcoin Stock Debate Splits Crypto Community
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Crypto community is split after Strategy raised nearly $40 billion in common equity at a premium to Bitcoin NAV since 2024, with Parker Lewis saying the stock underperformed Bitcoin while Matt Cole claims Strategy outperformed Bitcoin by 49% since the start of 2024 and by more since its 2020 inception. Blockstream CEO Adam Back warned that leveraged Bitcoin treasury stocks amplify exposure in both directions, highlighting leverage, valuation and investor risk implications for crypto adoption, funding and token performance.
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- Back says leveraged Bitcoin treasury stocks amplify exposure in both directions, not just upside.
- Lewis argues that Strategy raised $40B in equity at a premium to NAV and still underperformed Bitcoin.
- Cole says Strategy outperformed Bitcoin by 49% since 2024 and more since inception in 2020.
A heated debate between Parker Lewis and Matt Cole over whether Strategy’s equity has outperformed Bitcoin drew a response from Adam Back, CEO of Blockstream.
The dispute centres on a simple question. Did investors who bought Strategy stock instead of Bitcoin directly make the right choice?
Lewis argued that Strategy raised nearly $40 billion in common equity at a premium to Bitcoin’s net asset value since 2024, and the stock underperformed Bitcoin over that period. Cole countered that Strategy has outperformed Bitcoin by 49% since the start of 2024 and by even more since it…
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