Over the past six months, Bitcoin (BTC) has delivered a 7% return, while MicroStrategy (MSTR) stock has declined by 27%. Despite Bitcoin reaching new all-time highs, including a recent peak at $111,500, MicroStrategy shares have not followed this upward trend. This divergence is attributed primarily to concerns over dilution, as MicroStrategy's outstanding shares increased substantially from 75 million to 246 million due to CEO Michael Saylor's aggressive share issuance strategy, often referred to as the "42/42 dilution plan." Market participants note that MicroStrategy's stock price is moving in line with broader market declines driven by rising interest rates rather than Bitcoin's performance. Some investors interpret the dilution and stock weakness as a sign of strong demand for Bitcoin itself, with Saylor reportedly converting Bitcoin profits into cash. The recent volatility includes an 8% drop in MicroStrategy shares, while Bitcoin continues to rally. Comparatively, other stocks like GameStop (GME) have seen gains amid this rotation away from MicroStrategy as a Bitcoin proxy. Overall, MicroStrategy's stock is underperforming relative to Bitcoin and other market indices, reflecting investor concerns about dilution and market conditions rather than Bitcoin's fundamentals.