Yet, let us not be swayed by the siren song of a single month’s triumph. For MSTR, the question lingers: is it a proxy for Bitcoin’s fortunes, or merely a tragicomic mirror, amplifying both its glories and its follies? The past, as always, holds the key. From mid-2025 through March 2026, MSTR’s descent was a symphony of losses-1% here, 17% there, a 34% collapse in November, as if the gods of the market had taken particular delight in its suffering. Bitcoin, too, stumbled, but MSTR’s falls were always more dramatic, more operatic, as if it were bound to the cryptocurrency by a chain of its own making.