Bitcoin's recent performance is what keeps MSTR on investors' radar. The company's aggressive accumulation strategy has directly tied its value proposition to BTC movements—and honestly, that's the whole story. When Bitcoin rallies, MSTR gets amplified leverage. When it stumbles, shareholders feel it twice as hard. This correlation has made MSTR a proxy play for those betting big on Bitcoin's next bull run. The treasury strategy works because Bitcoin doesn't exist in isolation anymore. It's become a legitimacy tool for corporate balance sheets. MSTR proved you could load up on BTC, announce it publicly, and have Wall Street take you seriously. That's game-changing for the space. So yeah, Bitcoin is what makes this story tick. Strip away the Bitcoin narrative, and MSTR becomes just another tech company with an unusual asset allocation choice.