How to trade Strategy (MSTR)
On BRVX, Strategy (formerly MicroStrategy) trades as a MSTR/USDT perpetual with 5x–100x leverage on MSTR and a 0.05% fee to open. It is a leveraged bitcoin proxy you can go long or short on. No MSTR shares, dividends or votes change hands.
- 100x Max leverage on MSTR
- 0.05% Fee per side on MSTR
- 0.0034% / 0.0034% Funding long / short on MSTR
- 6 Margin tokens for MSTR
Strategy guide contents
What the Strategy perpetual is
Strategy, still widely searched as MicroStrategy, holds the largest bitcoin treasury of any listed company and funds purchases by issuing shares and debt. Its shares trade on Nasdaq.
The BRVX MSTR perp tracks the share price in USDT with no expiry.
Strategy files a report each time it buys bitcoin, often on Monday mornings, and discloses how it paid: common shares, preferred stock or convertible notes. Each method affects existing holders differently.
What moves MSTR
Bitcoin, amplified.
- The BTC price: MSTR usually moves more than bitcoin in both directions.
- The premium of the share price over the value of its bitcoin.
- New share and debt issues to buy more BTC.
Long or short Strategy?
An MSTR long is a levered bitcoin bet plus a bet that the premium holds.
An MSTR short bets on bitcoin falling or the premium to its BTC holdings shrinking.
Opening an MSTR position on BRVX
Choose MSTR · USDT
Stocks group, MSTR.
Size the MSTR position
Leverage on MSTR runs up to 100x. MSTR already embeds leverage to bitcoin.
MSTR: Buy or Sell
Buy long MSTR, Sell short; TP / SL Triggers matter on big BTC days.
Hold or close MSTR
MSTR funding: 0.0034% per hour.
Leverage works both ways: a small move against you can lose you the whole margin.
MSTR hours and weekends
Nasdaq closes at 16:00 New York time, but bitcoin does not. On BRVX, the MSTR quote updates at weekends, when BTC moves can carry it.
MSTR example: an 8% move
MSTR often moves 8% on a big bitcoin day. $100 at 5x:
MSTR worked example
| Strategy trade | Amount |
|---|---|
| MSTR margin | $100 |
| MSTR leverage | 5x |
| MSTR position size | $500 |
| MSTR fee, open + close | $0.50 |
| MSTR funding per 24 h, long / short | $0.41 / $0.41 |
| MSTR +8% | MSTR long +$40.00 (+40% of margin), MSTR short −$40.00 |
| MSTR −8% | MSTR long −$40.00, MSTR short +$40.00 (+40% of margin) |
| MSTR liquidation | not modelled |
Strategy risks to know
- Perp leverage on top of the company's own bitcoin leverage stacks the risk.
- The premium to its bitcoin holdings can shrink fast.
- Share issuance can dilute holders quickly.
Double leverage.
Strategy FAQ
Can I short MicroStrategy?
Yes. Press Sell on MSTR · USDT: the short gains when the price falls. Leverage goes up to 100x, the fee to open is 0.05%, and funding is charged every hour.
Is MSTR the same as trading bitcoin?
No. It tends to move more than BTC, and company decisions add their own swings.
What leverage is available?
5x–100x.
What does MSTR cost to trade?
MSTR costs 0.05% per side plus funding every hour.
How much bitcoin does Strategy hold?
The largest bitcoin treasury of any listed company; the figure grows with each purchase.
Leverage works both ways: a small move against you can lose you the whole margin.