Strategy (MSTR) Rallied 76%, but Jim Cramer Would Rather Own Bitcoin

October 5, 2026 - 23:41

Strategy Inc, formerly known as MicroStrategy, posted a striking 76 percent gain, yet the rally has not convinced everyone that the stock is the best way to bet on Bitcoin. During the October 1 episode of Mad Money, Jim Cramer reviewed the Nasdaq 100's third-quarter performance and raised doubts about buying the company as a stand-in for direct cryptocurrency ownership.

He noted that the Nasdaq 100 finished the period up 2.47 percent, a modest result that he said offers little useful signal about the broader market. Bitcoin, by contrast, finally staged a rally, and that move pulled attention back to firms holding large amounts of the digital asset on their balance sheets.

Strategy has built its identity around accumulating Bitcoin, turning its shares into a popular proxy for investors who want exposure without holding the coin directly. That strategy has delivered explosive returns at times, but it also ties the stock to two volatile forces at once: the price of Bitcoin and the mood of equity markets.

Cramer's comment suggests he sees a simpler path. Rather than paying a premium for a company whose fate is chained to crypto swings, he would rather own Bitcoin itself. The remark lands as investors weigh whether leveraged corporate exposure still makes sense after such a sharp run.