Overview
- Strategy did not issue securities or add bitcoin last week, ending a six‑week buying streak, according to TD Cowen and company disclosure patterns.
- MSCI will decide in mid‑January 2026 on excluding crypto‑heavy balance‑sheet companies, with JPMorgan estimating about $2.8 billion in forced selling that could rise toward $8–9 billion if other indexes follow.
- The company holds 649,870 BTC at an average cost near $74,433, while its market value has compressed toward the dollar value of its bitcoin, pushing mNAV near 1, per market data and Forbes.
- Funding strains are in focus with roughly $8 billion of convertible debt outstanding, about $700 million in annual interest and preferred payouts, and recent preferred issues trading below par after bitcoin’s drop.
- Institutional holders cut MSTR exposure by about $5.4 billion in Q3 as some traders use the stock as a bitcoin hedge, while Michael Saylor defends the model as a bitcoin‑backed structured finance business.