- Strategy shares rise 7% YTD, outpacing Invesco QQQ’s 10% decline, defying high-beta Nasdaq assumptions.
- Saylor’s cryptic “Meet me at the top” tweet aligns with Strategy’s aggressive BTC accumulation amid market volatility.
Eric Balchunas, a Bloomberg analyst, reported that Strategy, a business intelligence firm, has outperformed the Invesco QQQ Trust, an ETF tracking the Nasdaq-100 index. While QQQ dropped 10% this year, Strategy’s shares rose 7%, challenging assumptions that the firm merely mirrors the tech index with higher volatility. Balchunas highlighted this divergence as evidence of Strategy’s resilience amid broader market declines.
I always felt that the ETFs (and a roaring stock mkt) were why btc went from $30k to $70k. Then Trump winning got it to $100k but then stock drawdown and (some) trump disappointment (and a touch of etf outlfows) you'd think price would be $60k ish. So imo $85k is shockingly…
— Eric Balchunas (@EricBalchunas) April 15, 2025
Balchunas also linked Bitcoin’s climb from $30,000 to $70,000 to the launch of multiple Bitcoin ETFs. Despite weaker stock markets, Bitcoin held near $85,000 even as investors moved funds into ETFs.
“I think what happened is Saylor and the ETFs bought so much of it over 12 months from the tourists that it created a much stronger base of holders than in prior cycles,” he said.
He suggested large-scale purchases by entities like Strategy and ETF inflows created a stable holder base, calling Bitcoin’s performance “shockingly strong.” He described Bitcoin as a unique component of the ETF market, though he cautioned that market conditions remain unpredictable.
Michael Saylor, Strategy’s executive chairman and a vocal Bitcoin advocate, tweeted “Meet me at the top” as Bitcoin crossed $86,000 this week. The cryptocurrency later settled at $85,570. Strategy also disclosed buying 3,459 Bitcoin (worth $285.8 million) in early April, reinforcing its commitment to the asset. The firm now holds over 200,000 Bitcoin, acquired at an average price of $35,180 per coin.
Meet me at the top. pic.twitter.com/mZ17elIZr5
— Michael Saylor (@saylor) April 15, 2025
Analyst Michael van de Poppe predicts Bitcoin will set a new record high within three months, citing rapid growth in the M2 money supply—a measure of global cash and deposits. His analysis shows a historical correlation between M2 expansion and Bitcoin’s price. The current M2 uptick, he argues, signals a similar rally. Bitcoin’s previous peak of $109,000 occurred in January 2024, coinciding with political events in the U.S.
Strategy’s stock gains and Bitcoin’s stability despite market turbulence highlight shifting investor priorities. With institutional acquisitions and ETF-driven demand, Bitcoin’s role as a financial asset continues evolving, drawing both scrutiny and optimism from market observers.
