ORDI vs MSTR: Decentralized BTC Yield vs Engineered BTC Yield
Comparing ORDI's BTC-per-token yield KPI against Strategy's official BTC-per-share yield KPI, with MSTR market return versus BTC shown separately.
ORDI represents decentralized BTC yield per token. MSTR represents engineered BTC yield per assumed diluted share. This dashboard compares both in BTC terms.
Current leader
ORDI
ORDI produced higher decentralized BTC-per-token yield than Strategy's official BTC-per-share yield KPI.
Start Date
2023-03-08
End Date
2026-04-29
ORDI BTC Yield KPI
24,438%
245.4xStrategy BTC Yield KPI
151.7%
2022-12-31 to 2026-04-26MSTR Market BTC Return
94.8%
1.95xYield Spread
24,286%
ORDI KPI - Strategy KPIWinner
ORDI
2023-03-08 to 2026-04-29BTC at Start
$21,718.08
BTC Today
$75,776.13
ORDI Current Price
0.00005649 BTC
MSTR Current Price
0.00208760 BTC
BTC Market Return Comparison
ORDI token and MSTR stock prices converted into BTC terms using the same start and end BTC/USD price.
| Metric | ORDI | MSTR Market |
|---|---|---|
| Start USD Price | $0.0050 | $23.27 |
| Current USD Price | $4.28 | $158.19 |
| BTC Price at Start | 0.00000023 BTC | 0.00107155 BTC |
| BTC Price Today | 0.00005649 BTC | 0.00208760 BTC |
| BTC Multiple | 245.4x | 1.95x |
| BTC Yield | 24,438% | 94.8% |
| Return Type | Decentralized | Public Equity |
ORDI BTC Yield KPI
ORDI's Strategy-analog KPI: percentage change in Bitcoin per ORDI token, expressed as sats per ORDI.
BTC Yield KPI
24,438%
BTC Multiple
245.4x
Start Sats / ORDI
23
Current Sats / ORDI
5,649
Start BTC / ORDI
0.00000023 BTC
2023-03-08
End BTC / ORDI
0.00005649 BTC
2026-04-29
Unlike Strategy's KPI, ORDI has no assumed diluted share count, corporate treasury, convertibles, or debt stack. The denominator is one ORDI token, so this measures BTC purchasing power per token.
Strategy Official BTC Yield KPI
Calculated as the percentage change in Bitcoin Per Share using Strategy's published Total BTC and Assumed Diluted Shares Outstanding.
BTC Yield KPI
151.7%
BTC Gain
201.03K BTC
BTC $ Gain
$15.23B
Official KPI Period
2022-12-31 to 2026-04-26
Start BPS
84,874 sats/share
0.00084874 BTC per share
End BPS
213,644 sats/share
0.00213644 BTC per share
This KPI is not investment return, income, or a traditional yield. It measures whether Strategy increased BTC per assumed diluted share. Source:strategy.com/shares.
Strategy Simulator
If I started with 0.01 BTC on ORDI mint day, what would I have today?
| Strategy | Yield Type | Starting BTC | Current BTC | Current USD | BTC Multiple |
|---|---|---|---|---|---|
| Hold BTC | Baseline | 0.01 BTC | 0.01 BTC | $757.76 | 1.00x |
| Buy ORDI | Decentralized | 0.01 BTC | 2.4537678 BTC | $185,937.03 | 245.4x |
| Buy MSTR | Engineered | 0.01 BTC | 0.01948204 BTC | $1,476.27 | 1.95x |
Normalized BTC Performance
ORDI/BTC and MSTR/BTC rebased from the selected start date.
Market Return Spread
ORDI market BTC return minus MSTR market BTC return over time.
ORDI: Decentralized BTC Capture
ORDI captures BTC value through decentralized market demand, Ordinals-native scarcity, cultural premium, liquidity, speculation, and Bitcoin-native attention. It does not rely on corporate debt issuance, equity dilution, treasury management, or centralized capital markets.
ORDI's yield is decentralized because it comes from open-market demand for an Ordinals-native asset, not from corporate leverage or treasury engineering. The per-unit KPI is BTC per ORDI token.
- Decentralized Ordinals-native asset
- No corporate treasury
- No debt issuance
- No equity dilution mechanism
- Captures BTC-native attention and speculative demand
- Yield measured by ORDI appreciation versus BTC
MSTR: Engineered BTC Capture
MSTR captures BTC exposure through a public-company treasury strategy. It uses equity, debt, convertibles, market premium, and corporate financial engineering to accumulate BTC and amplify shareholder BTC exposure.
MSTR's yield is engineered because it comes from a corporate Bitcoin treasury strategy that uses public equity, debt, convertibles, and capital-market premium to increase BTC exposure.
- Public company equity
- Corporate BTC treasury
- Uses debt, equity, and convertibles
- Can trade at premium or discount to BTC NAV
- BTC exposure depends on capital markets
- Yield measured by MSTR appreciation versus BTC
Methodology
BTC yield measures how much an asset appreciated or depreciated relative to Bitcoin. If an asset's BTC-denominated price rises, it increased BTC purchasing power. Strategy's official BTC Yield KPI is different: it measures percentage change in Bitcoin Per Share, not market return, income, or investment yield. The ORDI translation uses Bitcoin Per ORDI token, expressed in sats per ORDI.
ordiBtcPerToken = ordiUsdPrice / btcUsdPriceordiBtcYieldKpi = ordiEndBtcPerToken / ordiStartBtcPerToken - 1assetStartBtcPrice = assetStartUsdPrice / btcStartUsdPriceassetCurrentBtcPrice = assetCurrentUsdPrice / btcCurrentUsdPricestrategyBPS = totalBitcoinHoldings / assumedDilutedSharesOutstandingstrategyBtcYieldKpi = strategyEndBPS / strategyStartBPS - 1yieldSpread = ordiBtcYield - strategyBtcYieldKpimstrMarketBtcReturn = mstrCurrentBtcPrice / mstrStartBtcPrice - 1