06/01/26

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On Monday, Strategy, formerly known as MicroStrategy, disclosed via a filing with the U.S. Securities and Exchange Commission (SEC) that it has executed a new purchase of Bitcoin. This acquisition brings the company’s total Bitcoin holdings close to 680,000 coins, with current figures standing at approximately 672,500 BTC. Reports indicate that the company acquired over 22,500 BTC in December alone. To reach its targeted holdings of 680,000 BTC by January, Strategy has only approximately 7,500 additional coins to acquire, a goal which it has already exceeded in recent purchases.

Despite these aggressive accumulation efforts, Strategy’s stock has faced significant downward pressure, declining more than 50% throughout 2025 and closing at around $163 on Monday. The company’s stock performance highlights a divergence between its bullish Bitcoin accumulation strategy and its declining equity market value.

Adding to the company’s challenges, Strategy is on the cusp of potentially being removed from the Morgan Stanley Capital International (MSCI) index. MSCI is currently reviewing proposals to exclude firms holding digital assets exceeding 50% of their total assets, considering such entities more suitable for classification as investment funds — a designation that disqualifies them from inclusion. A formal decision is pending, but an exclusion could occur within the next ten days.

The potential delisting poses significant financial risks. Strategy’s leadership has indicated that an MSCI exclusion might trigger the liquidation of approximately $2.8 billion worth of the company’s stock, which could have broader implications across the industry. Analysts estimate that roughly $2.5 billion of Strategy’s market value is linked to MSCI indices, with an additional $5.5 billion tied to other major benchmarks.

Further concerns stem from the possibility of losing access to other indexes such as the Nasdaq 100, the CRSP US Total Market Index, and various Russell indexes, which could result in total outflows reaching as much as $8.8 billion. These potential declines contrast sharply with the company’s reported profit of $2.8 billion in the third quarter of the previous year.

Amidst these developments, the cryptocurrency market experienced a rebound on Monday, with Bitcoin and other digital assets such as Ethereum, Binance Coin, Solana, and XRP rallying above key levels, renewing investor optimism despite the ongoing regulatory and market headwinds.