Jeff Park, head of strategy at alpha coefficient at Bitwise Asset Management, believes that Strategy (MSTR) stock moves more like "counterfeit products" that traditional finance (TradFi) investors can access, rather than a direct alternative to Bitcoin. He points out that Strategy stock has a different volatility than Bitcoin, with returns even much higher than Bitcoin on some trading days. He believes that this makes Strategy stock behave more like counterfeit products in the crypto market, providing an indirect channel for traditional finance investors to invest in cryptocurrencies. In addition, since some retail investors cannot buy spot Bitcoin ETFs, but can buy Strategy stock, this makes it still attractive in the market. Strategy shares have recently retreated from previous big gains, but they are still up 75% over the past year. Many traders have long viewed it as an alternative to bitcoin because of the company's large holdings. Strategy shares have risen 2,500% over the past five years, compared with bitcoin's roughly 1,500% gain over the same period.