Overview
- MicroStrategy holds 649,870 bitcoin worth about $56 billion at recent prices, roughly 3% of all mined BTC, with an average acquisition cost near $74,430.
- The stock’s market-cap-to-bitcoin-held ratio has collapsed from about 2.5× to roughly 1.1×, shrinking its equity premium and making new capital raises more dilutive.
- MSCI will decide on January 15, 2026 whether to exclude crypto-treasury firms from key benchmarks, and JPMorgan estimates about $2.8 billion of immediate passive outflows if MicroStrategy is dropped, potentially rising to $8–9 billion if other indices follow.
- Analysts see no near-term forced liquidations, with the first notable pressure point on September 15, 2027 when holders of $1 billion of 0.625% convertible notes can demand cash repayment.
- Chairman Michael Saylor has reiterated the long-term Bitcoin strategy, and a recent community poll he highlighted showed 77.8% of respondents did not sell during the latest downturn.