Overview
- Strategy said its “BTC Rating” shows 5.9× coverage of $8.214 billion in convertible notes at $74,000 BTC and 2.0× coverage if BTC falls to $25,000.
- Including preferred shares, the firm put total obligations at about $15.993 billion, while outside analysts flagged roughly $700 million in annual preferred dividends against about $54 million in cash.
- The stock is down roughly 60% over the past year, and after adding 8,178 BTC on Nov. 17 the company paused its usual weekly purchases.
- MSCI’s January 2026 review could lead to exclusion that JPMorgan estimates might force up to $8.8 billion in index-linked unwinds, and S&P 500 inclusion remains out of reach due to earnings volatility.
- Arkham reported large transfers to Fidelity Digital Assets custody in recent months, a shift that strengthens institutional setup but reduces on‑chain visibility of holdings.