BTOG vs. MSTR

Last updated Apr 1, 2026

Compare and contrast key facts about Bit Origin Ltd (BTOG) and MicroStrategy Incorporated (MSTR).

Performance

BTOG vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bit Origin Ltd (BTOG) and MicroStrategy Incorporated (MSTR). The values are adjusted to include any dividend payments, if applicable.

BTOG vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BTOG Bit Origin Ltd	-78.29%	-82.45%	-76.39%	-21.45%	-87.15%	43.61%	-75.54%	-22.00%
MSTR MicroStrategy Incorporated	-17.87%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	3.39%

Fundamentals

Market Cap BTOG : $132.11M MSTR : $36.69B
EPS BTOG : -$0.46 MSTR : -$13.50
PS Ratio BTOG : 45.13 MSTR : 78.11
PB Ratio BTOG : 33.87 MSTR : 6.41
Total Revenue (TTM) BTOG : $2.93M MSTR : $477.23M
Gross Profit (TTM) BTOG : -$946.00K MSTR : $327.82M
EBITDA (TTM) BTOG : -$11.21M MSTR : -$5.44B

Returns By Period

In the year-to-date period, BTOG achieves a -78.29% return, which is significantly lower than MSTR's -17.87% return.

BTOG

• 1D: 5.66%
• 1M: -11.46%
• YTD: -78.29%
• 6M: -90.25%
• 1Y: -80.35%
• 3Y*: -83.59%
• 5Y*: -73.96%
• 10Y*: —

MSTR

• 1D: 2.77%
• 1M: -3.63%
• YTD: -17.87%
• 6M: -61.27%
• 1Y: -56.71%
• 3Y*: 62.23%
• 5Y*: 12.15%
• 10Y*: 21.18%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

BTOG vs. MSTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTOG

BTOG Risk / Return Rank: 20
BTOG Sharpe Ratio Rank: 22
BTOG Sortino Ratio Rank: 27
BTOG Omega Ratio Rank: 27
BTOG Calmar Ratio Rank: 9
BTOG Martin Ratio Rank: 12

MSTR

MSTR Risk / Return Rank: 13
MSTR Sharpe Ratio Rank: 10
MSTR Sortino Ratio Rank: 10
MSTR Omega Ratio Rank: 12
MSTR Calmar Ratio Rank: 16
MSTR Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTOG vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bit Origin Ltd (BTOG) and MicroStrategy Incorporated (MSTR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BTOG	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.43	-0.77	+0.34
Sortino ratio Return per unit of downside risk	-0.09	-1.12	+1.03
Omega ratio Gain probability vs. loss probability	0.99	0.87	+0.12
Calmar ratio Return relative to maximum drawdown	-0.86	-0.74	-0.12
Martin ratio Return relative to average drawdown	-1.39	-1.29	-0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTOG vs. MSTR - Sharpe Ratio Comparison

The current BTOG Sharpe Ratio is -0.43, which is higher than the MSTR Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of BTOG and MSTR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTOG	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.43	-0.77	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.47	0.13	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.12	-0.62

Correlation

The correlation between BTOG and MSTR is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BTOG vs. MSTR - Dividend Comparison

Neither BTOG nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BTOG vs. MSTR - Drawdown Comparison

The maximum BTOG drawdown since its inception was -99.98%, roughly equal to the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for BTOG and MSTR.

Drawdown Indicators

	BTOG	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-99.86%	-0.12%
Max Drawdown (1Y) Largest decline over 1 year	-95.47%	-76.53%	-18.94%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	-84.11%	-15.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-99.98%	-73.66%	-26.32%
Average Drawdown Average peak-to-trough decline	-83.64%	-86.60%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.10%	43.98%	+15.12%

Volatility

BTOG vs. MSTR - Volatility Comparison

Bit Origin Ltd (BTOG) has a higher volatility of 49.50% compared to MicroStrategy Incorporated (MSTR) at 18.69%. This indicates that BTOG's price experiences larger fluctuations and is considered to be riskier than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTOG	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	49.50%	18.69%	+30.81%
Volatility (6M) Calculated over the trailing 6-month period	103.32%	55.56%	+47.76%
Volatility (1Y) Calculated over the trailing 1-year period	187.74%	74.10%	+113.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	156.11%	91.30%	+64.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.43%	73.16%	+70.27%

Financials