The recent launch of the REX Bitcoin Corporate Treasury Convertible Bond ETF provides investors with a new way to gain exposure to convertible bonds held by companies holding Bitcoin on their balance sheets, such as MicroStrategy. However, while Bitcoin treasury strategies continue to garner attention, not all firms following MicroStrategy's lead have reaped the same rewards.

MicroStrategy’s stock tends to closely mirror Bitcoin's price movements. Other firms emulating its strategy, however, have struggled to replicate its success.

Bitcoin is currently priced at $82,130 . MicroStrategy, the largest corporate holder of Bitcoin, saw its stock plunge more than 6% on Tuesday; it is now trading at a price of $283 at the time of writing.

On Tuesday, Tokyo-based Metaplanet, best known for emulating MicroStrategy's aggressive Bitcoin acquisition, saw its stock drop to $4,030. Meanwhile, Rumble’s shares slid 5% to $7.69, and Hong Kong-based Ming Shing Group fell 6% to $4.90. The divergence in outcomes has raised questions about whether MicroStrategy’s approach is unique — or simply better executed.

Experts say the reason firms aren't reaping the same rewards as MicroStrategy lies in its timing and strategy. For example, late adopters face distinct disadvantages, including market saturation and higher entry costs — belatedly adopting MicroStrategy's Bitcoin accumulation method meant these firms purchased the cryptocurrency at a premium, eroding potential gains.

“MicroStrategy began accumulating Bitcoin in 2020,” YouHodler’s Chief of Markets, Ruslan Lienkha, told TheStreet Crypto. “Other companies adopted a similar strategy much later — it may take several more years to accurately assess their success.”

Beyond timing, MicroStrategy’s sophisticated financial optimization has played a crucial role. “MicroStrategy’s success stems from fully embracing Bitcoin as its corporate strategy at the largest scale,” Joe Burnett, Director of Market Research at Unchained, told TheStreet Crypto. “By fully accepting Bitcoin’s volatility, it has been able to issue convertible notes at 0% or near-0% interest rates, giving it a significant capital advantage.”

Additionally, MicroStrategy has leveraged preferred stock, such as STRK, to implement financing options. “Companies adopting a bitcoin treasury strategy inevitably track bitcoin’s price movements, so if bitcoin rises, it’s reasonable to expect all firms following a similar strategy to benefit accordingly,” Burnett added.

‘Saylor built a fortress, others just built sandcastles’

While some firms have mirrored MicroStrategy’s model with success — like Metaplanet— others have faltered due to inconsistent execution.

“Companies that fully embraced [MicroStrategy’s] treasury strategy by buying as much Bitcoin as they can over a long period have done very well,” said Steven Lubka, Head of Swan Private at Swan Bitcoin.

However, many firms fail to grasp the complexity or nuances of MicroStrategy’s approach, some say. “Most firms copying Saylor miss the bigger picture,” Douro Labs CEO Mike Cahill told TheStreet Crypto. “MicroStrategy is doing more than just stacking Bitcoin by executing a capital markets strategy with a deep level of precision.. Saylor uses debt and equity instruments to manage risk and buy dips, turning volatility into an advantage.”

Cahill noted that firms without the same level of financial engineering, timing, and conviction are struggling. “It’s not enough to hold BTC — you need a strategy built for turbulence," Cahill explained. "We’ve seen some major firms stumble — not because Bitcoin failed, but because they lacked the balance sheet strategy to weather drawdowns. Saylor built a fortress, but others just built sandcastles..”

MicroStrategy’s ability to use both equity and debt strategies gives it a distinct advantage, experts say. “MicroStrategy has a unique strategy due to its public status, where it can utilize both equity and debt strategies unavailable to normal investors and even most companies,” Lubka explained. “Then, once it has a low leverage ratio, it levers back up on Bitcoin through debt offerings. If you can sell $1 of shares and get $1.5 of Bitcoin, it’s effective to do so.”

For firms looking to replicate MicroStrategy’s playbook, execution is paramount. “The firms that have most closely followed Saylor’s strategy — like Metaplanet — have done extremely well,” Lubka said. “Firms who simply bought a few million dollars of Bitcoin once have not."