MicroStrategy MSTR currently holds a total of 628,791 Bitcoins, worth approximately 72 billion USD based on current market capitalization, with unrealized gains reaching as high as 25.9 billion. The second quarter financial report also set historical highs in revenue, net profit, and EPS, with the stock price rising 170% over the past year, even outperforming Bitcoin itself.

However, MSTR has been continuously increasing its holdings in Bitcoin over the years not by relying on the profits generated by Bitcoin itself, but by financing through methods such as issuing bonds and increasing stock issuance, essentially using capital market money to buy coins, and has not directly obtained cash flow from Bitcoin.
In contrast, a number of Ethereum strategy companies, such as BMNR and SBET, although much smaller than MicroStrategy, can hold ETH for staking, participate in validation, and even run nodes, which can provide a stable cash flow through the PoS mechanism itself.
This is the essential difference between the two routes:
MSTR bets on BTC, more like a long-term accumulation of coins, betting on future valuation;
ETH-based strategy companies are focusing on ecosystem layout, while holding coins and "milking".
One makes money through market capitalization growth, while the other can generate revenue through its own mechanism. In the long run, this gap may become increasingly obvious.
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