From Yahoo Finance: 2025-04-15 10:41:00

In April 2024 to April 2025, Strategy (MSTR) and the YieldMax MSTR Option Income Strategy ETF (MSTY) took different investment paths. MSTR is heavily linked to bitcoin, holding 531,644 BTC. MSTR shares have surged over 2,500% since August 2020 but are currently 43% below their all-time high with high volatility.

On the other hand, MSTY is an income-focused ETF that does not directly hold MSTR shares. It uses a synthetic covered call strategy to generate monthly income. Despite consistent cash flow, MSTY declined 45% over the year due to full downside exposure to MSTR’s price movements.

From April 4, 2024, to April 9, 2025, a $1,000 investment in MSTR grew to $1,895, yielding an 89% return. In contrast, an investment in MSTY reached $1,591 with a 59% return but faced volatility and a decline due to its call-writing strategy.

MSTY’s premium/discount activity reflects investor demand and MSTR’s volatility. High volatility in MSTR initially supported strong option income and premiums, but as volatility eased in 2025, discounts appeared more often. A renewed bitcoin rally and rising volatility could reverse this trend.

Read more: Growth or Income? A 12-Month Showdown