Top performers this year were Google (+66%), Gold (+64%), and #NVIDIA (+41%) — steady gains without signs of overheating. Major indices and Big Tech also closed in the green. 🚀

On the other side of the spectrum: $BTC (-6%), IBIT (-6%), and especially MSTR (-47%). 👀

The takeaway is clear: the company with the largest Bitcoin exposure underperformed Bitcoin itself. 🤷

Leverage, a high premium to NAV, and expectations that never materialized ended up hurting shareholders more than BTC’s drawdown.