Strategy (MSTR) Rallied 76%, but Jim Cramer Would Rather Own Bitcoin

What happened: On Mad Money, Jim Cramer questioned buying Strategy Inc (NASDAQ:MSTR) for Bitcoin exposure, saying if you like Bitcoin, buy Bitcoin. Strategy kept adding Bitcoin in September. Key numbers: Nasdaq 100 finished up 2.47%. MSTR up 76%. Why it matters: Cramer has held this view since an August episode, favoring direct Bitcoin over the levered proxy. Strategy's results stay heavily exposed to Bitcoin price changes, and new equity issuance keeps raising the common-share count even as holdings grow.

On Mad Money, Jim Cramer questioned buying Strategy Inc (NASDAQ:MSTR) for Bitcoin exposure, saying if you like Bitcoin, buy Bitcoin. Strategy kept adding Bitcoin in September.

Cramer has held this view since an August episode, favoring direct Bitcoin over the levered proxy. Strategy's results stay heavily exposed to Bitcoin price changes, and new equity issuance keeps raising the common-share count even as holdings grow.