Strategy continues to dominate as the largest Bitcoin treasury company. This time, the company has expanded its holdings, crossing 700,0000 BTC in the process, and currently holds over 3% of the total Bitcoin supply. 

Strategy Now Holds 3.4% Of Bitcoin Supply As Holdings Top 700,000 BTC

Michael Saylor’s Strategy now holds approximately 3.4% of the total Bitcoin supply as the company increased its holdings to over 700,000. In a press release, the company revealed that it acquired 22,305 BTC for $2.13 billion at an average price of $95,284 per Bitcoin last week. It now holds 709,715 BTC, which it acquired for $53.92 billion at an average price of $75,979. 

This purchase was Strategy’s largest weekly announcement since November 2024 and its fifth-largest announcement ever. It also came just a week after the company announced it had acquired 13,627 BTC for $1.25 billion. Meanwhile, this latest purchase has come amid a decline in BTC’s price.  

Bitcoin dropped below $90,000 yesterday for the first time since the start of the year, dragging the Strategy stock with it. MSTR dropped as much as 8% yesterday, falling to around $160. The stock is still up over 3% year-to-date (YTD). However, it is worth noting that Saylor and his company continue to dilute MSTR shares to buy more Bitcoin. The company sold 10.4 million MSTR shares last week to fund most of this latest purchase. 

Reactions To The Latest BTC Purchase

Market analyst Rob noted that Strategy no longer highlights BTC yield as a flagship metric. He further stated that even after buying over 35,000 BTC in the first few weeks of this year, the BTC yield achieved is 0.4%, which amounts to an annualized rate of about 6% to 10%. The analyst also remarked that the law of diminishing Bitcoin yield means the ability to deliver a yield decreases as the BTC stack grows. 

With Strategy now holding over 700,000 BTC, Rob explained that it is harder to generate a return. According to him, this means that going forward, the play is more about squeezing the Bitcoin price itself higher rather than increasing the BTC per share. He added that this also explains why MSTR’s mNAV has collapsed to just over 1x. 

Crypto commentator Ran Neuner warned that a company like Strategy buying and holding such a large concentration of a reserve asset is not healthy. He added that right now, Saylor and his company are the only ones really buying Bitcoin. Meanwhile, market expert Bit Paine said it is a market failure that Saylor is allowed to buy this much BTC at prices below $100,000. 

At the time of writing, the BTC price is trading at around $90,000, down in the last 24 hours, according to data from CoinMarketCap.

Bitcoin Magazine

Strategy Stock ($MSTR) Slides 7% as Aggressive Bitcoin Buying Continues 

Strategy (MSTR) made headlines this morning for its continued ambitious Bitcoin accumulation strategy, even as its stock struggles under mounting investor pressure. 

On Tuesday, shares of the Bitcoin-focused company fell over 7% in early trading at times, despite the firm officially surpassing the 700,000-BTC milestone.

The latest acquisition, disclosed January 20, adds 22,305 Bitcoin to Strategy’s treasury at an average cost of $95,284 per coin, bringing total holdings to roughly 709,715 BTC. The purchases were funded through the company’s at-the-market (ATM) equity and preferred stock programs, which raised about $2.125 billion in net proceeds between January 12 and 19. 

Sales included 2.95 million STRC variable-rate preferred shares and 10.4 million MSTR Class A common shares, with smaller amounts raised via STRK preferred stock.

While the milestone cements Strategy’s position as the world’s largest corporate holder of Bitcoin, representing over 3% of the cryptocurrency’s total circulating supply, the stock decline shows how closely Strategy still follows the price of Bitcoin.

Bitcoin plunged over 5% in just 36 hours, dipping below $90,000 as macro uncertainty and scrutiny of corporate bitcoin treasuries spooked the market. A sharp $4,000 drop Sunday night was fueled by over $500 million in liquidations in crypto derivatives.

Analysts say MSTR’s recent price weakness stems from issuing millions of new shares to buy Bitcoin, with TD Cowen recently cutting its price target to $440 due to a “weaker outlook for Bitcoin yield.”

Institutional interest in Strategy ($MSTR)

Despite the sell-off, institutional interest in Strategy remains notable. Last week, Vanguard Group disclosed a $505 million investment in MSTR, marking its first entry into the company’s stock. 

Technical analysts point to an inverted head-and-shoulders pattern forming on the daily chart, suggesting a potential bullish reversal if shares can sustain a breakout above $175. Failure to hold above $168 could, however, trigger a drop below $160.

The latest tranche of Bitcoin was acquired at an aggregate cost above Strategy’s historical average of $75,979 per BTC, illustrating the firm’s willingness to continue scaling its holdings despite elevated prices. 

Saylor has repeatedly emphasized the company’s long-standing “capital markets-to-Bitcoin” approach, using equity issuance to fund crypto accumulation.

Speaking at the Bitcoin MENA conference last year, Saylor framed Bitcoin as the foundation of a new era in digital capital and credit, not just an investable asset. 

Saylor said that major U.S. banks have moved from cautious observers to offering Bitcoin custody and credit solutions.

He argued that, like gold historically, Bitcoin could underpin a global digital credit system, aligning long-term growth with investor returns.

This post Strategy Stock ($MSTR) Slides 7% as Aggressive Bitcoin Buying Continues  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Michael Saylor’s Strategy ($MSTR) Spends $2.13 Billion to Buy 22,305 Bitcoin

Strategy (MSTR), the world’s largest publicly traded corporate holder of bitcoin, has added another major tranche of BTC to its balance sheet, purchasing 22,305 bitcoin for approximately $2.13 billion over the past week.

The acquisition, disclosed today, was made at an average price of roughly $95,284 per bitcoin, roughly 4% more than current prices. As of Jan. 19, 2026, Strategy now holds a total of 709,715 BTC, acquired for approximately $53.92 billion at an average price of $75,979 per coin.

The latest purchase marks Strategy’s largest weekly bitcoin acquisition since November 2024 and its fifth-largest bitcoin purchase announcement to date.

Led by executive chairman Michael Saylor, the company has continued its aggressive, near-weekly accumulation strategy, using capital markets activity to convert traditional financial assets into bitcoin exposure. 

The latest purchase was funded through a combination of common stock issuance and sales of the company’s perpetual preferred equity, Stretch (STRC).

Strategy’s aggressive bitcoin purchasing strategy

According to regulatory filings, the company raised about $2.125 billion in net proceeds between Jan. 12 and Jan. 19 through its at-the-market (ATM) programs. The bulk of the funds came from the sale of 10.4 million shares of MSTR Class A common stock, generating approximately $1.83 billion. 

An additional $294.3 million was raised through the issuance of roughly 2.95 million STRC preferred shares. Smaller amounts were generated via STRK preferred stock, while no shares were issued under the STRF or STRD programs during the period.

Despite the continued accumulation, Strategy shares were under pressure in early trading, falling about 5% as bitcoin prices slid below $91,000. The pullback follows a broader crypto market sell-off after BTC traded above $94,000 late last week.

With more than 709,000 bitcoin now held, Strategy controls over 3% of bitcoin’s total circulating supply. 

Several weeks ago, the company also announced they are increasing their U.S. dollar reserve to $2.25 billion, up from $1.44 billion in December, intended to support dividend payments on preferred shares and interest obligations on outstanding debt.

BREAKING: STRATEGY BUYS ANOTHER 22,305 #BITCOIN FOR $2.1B pic.twitter.com/Rt9XSMP7QK

— Bitcoin Magazine (@BitcoinMagazine) January 20, 2026

Strategy and MSCI

Earlier this month, the company was relieved of some selling pressure when MSCI concluded its review of digital asset treasury companies and decided not to exclude them from its major global equity indexes.

The index provider said bitcoin-heavy firms will remain eligible under existing rules while it conducts further research on how to distinguish operating companies from investment-like entities.

The decision eased months of market anxiety after MSCI had proposed reclassifying companies with more than 50% of assets in digital assets as fund-like and therefore ineligible for inclusion.

Companies like Strategy, along with industry groups, pushed back strongly, warning that exclusions could trigger billions of dollars in forced passive selling.

This post Michael Saylor’s Strategy ($MSTR) Spends $2.13 Billion to Buy 22,305 Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Arthur Hayes is positioning for a 2026 liquidity rebound, arguing that Bitcoin’s weak 2025 wasn’t a referendum on “crypto narratives” so much as a straightforward dollar-credit story. In his latest essay, “Frowny Cloud,” the Maelstrom CIO says he is adding risk via Strategy (MSTR), Japan’s Metaplanet, and Zcash (ZEC) as he expects US dollar liquidity to inflect higher after a year in which Bitcoin lagged both gold and US tech stocks.

Hayes frames 2025 as an awkward year for the standard cross-asset shorthand that treats Bitcoin as either digital gold or a high-beta proxy for US tech. In his telling, Bitcoin behaved “as expected” under tightening conditions, while gold and the Nasdaq 100 rose for different reasons despite falling dollar liquidity.

He argues gold’s bid is being driven by sovereign balance sheets rather than retail mania, rooted in distrust of US Treasury exposure after prior asset-freeze precedents. “If the US president steals your money, it’s an instant zero. Does it then matter what price you buy gold at?” he writes, casting central banks as price-insensitive buyers.

On equities, Hayes leans into an industrial-policy interpretation of the AI trade. His claim is that the US and China have effectively treated “winning AI” as strategic, dulling the usual market discipline and helping explain why the Nasdaq decoupled from his dollar-liquidity index in 2025. That divergence matters because it sets up his core takeaway for 2026: Bitcoin needs expanding dollar liquidity to regain momentum.

“Bitcoin and the Nasdaq rise when dollar liquidity expands. The only problem is the recent divergence,” Hayes writes, before returning to the “vicissitudes of dollar liquidity” as the primary driver he wants to track.

The Three-Pillar Liquidity Pitch

Hayes’ 2026 outlook hinges on a sharp rebound in dollar credit creation. He cites three channels: a growing Fed balance sheet via Reserve Management Purchases (RMP), commercial-bank lending into “strategic industries,” and lower mortgage rates catalyzed by policy-driven demand for mortgage-backed securities.

In his account, quantitative tightening faded as a dominant headwind in late 2025, with QT ending in December and RMP beginning as a new, steady buyer. He claims RMP “at a minimum” expands the balance sheet by $40 billion per month, and expects that pace to rise as government funding needs increase.

The second leg is bank credit creation, which he says accelerated in 4Q25, with large lenders willing to extend loans where government equity stakes or offtake agreements reduce default risk. The third is housing: Hayes points to Trump-backed directives for Fannie Mae and Freddie Mac to deploy $200 billion toward MBS purchases, arguing that lower mortgage rates could unlock a familiar wealth effect and, by extension, more credit.

He ties the pieces together with a simple conclusion: if liquidity turns, Bitcoin should follow. “Bitcoin … and dollar liquidity bottomed around the same time,” he writes, arguing that the next major leg depends less on sentiment than on renewed credit expansion.

MSTR, Metaplanet, And ZCash

Hayes describes himself as a “degen speculator” and says Maelstrom is already “nearly fully invested,” but he still wants “MOAR risk” to capture upside convexity if Bitcoin reclaims higher levels. Rather than using perpetuals or options, he says he’s long Strategy and Metaplanet for levered exposure via corporate balance sheets.

His timing argument is valuation-relative: he compares each company’s “DAT” to Bitcoin priced in the relevant currency (yen for Metaplanet, dollars for Strategy) and says those ratios sit near the low end of the past two years, after being “down substantially” from mid-2025 peaks. He adds a key condition: “If Bitcoin can retake $110,000, investors will get the itch to go long Bitcoin through these vehicles. Given the leverage embedded in the capital structure of these businesses, they will outperform Bitcoin on the upside.”

He also flags continued accumulation of Zcash. Hayes argues the departure of developers at Electric Coin Company (ECC) is not bearish: “We continue to add to our Zcash position. The departure of the devs at ECC is not bearish. I firmly believe they will ship better, more impactful products within their own for-profit entity. I’m thankful for the opportunity to buy discounted ZEC from weak hands.”

At press time, MSTR traded at $179.33.

Bitcoin Magazine

Strategy ($MSTR) Stock Soars 10% Above $189 as Bitcoin Nears $100,000

Shares of Strategy ($MSTR) surged more than 10% Wednesday morning, briefly climbing above $189 per share, as investors piled back into the bitcoin treasury trade.

The move caps a volatile stretch for the stock following sharp drawdowns earlier this month.

Strategy, which holds the largest bitcoin position of any public company, has seen its equity trade as a high-beta proxy for bitcoin, with gains and losses often magnified relative to spot price movements. 

As bitcoin pushed toward the upper end of its recent range near $97,000, MSTR followed with a rapid upside move that outpaced the broader equity market.

The rally builds on momentum that began late last week after Strategy disclosed another large bitcoin purchase, adding more than 13,000 BTC to its balance sheet.

The acquisition lifted the company’s total holdings to roughly 687,000 bitcoin, reinforcing its long-stated approach of accumulating BTC through a mix of operating cash flow, equity issuance, and capital markets activity. 

Executive Chairman Michael Saylor has framed the strategy as a long-term bet on bitcoin as a superior store of value and a treasury reserve asset.

Market participants say the size and consistency of Strategy’s purchases have helped re-anchor the bull case for the stock after weeks of pressure tied to bitcoin’s pullback and concerns around dilution. 

While critics continue to point to leverage risk and accounting volatility, supporters argue that Strategy’s balance sheet has become one of the most direct institutional on-ramps to bitcoin exposure in public markets.

Sentiment also improved following signs of insider confidence. A recent open-market purchase by a company director marked the first such buy in several years, standing out in a period when insider activity had largely consisted of scheduled sales. 

Strategy’s recent MSCI drama

Structural factors added to the rebound. Earlier this month, index provider MSCI opted not to remove bitcoin-focused treasury companies from certain benchmarks, easing fears of forced selling by passive funds. 

That decision reduced near-term downside risk for Strategy, which has grown increasingly sensitive to index flows as its market capitalization expanded during bitcoin’s 2024 and 2025 rallies.

Still, Strategy’s model remains closely tied to bitcoin volatility. The company reported large unrealized losses in prior quarters as accounting rules required it to mark down bitcoin holdings during price declines. 

Those losses reversed only when prices recovered, creating earnings swings that traditional equity investors often struggle to price.

Wednesday’s jump above $189 highlights the reflexive nature of the trade. As bitcoin strengthens, Strategy’s equity also strengthens and attracts momentum-driven capital seeking leveraged exposure.

This post Strategy ($MSTR) Stock Soars 10% Above $189 as Bitcoin Nears $100,000 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Rockets 5.5% Past $96,000, Strategy ($MSTR) Jumps 8% 

The Bitcoin price surged through the $96,000 level this afternoon, pushing decisively above a key resistance zone and signaling a renewed wave of bullish momentum after weeks of choppy, range-bound trading.

At the time of writing, the bitcoin price is trading around $96,000 up roughly 4.4% over the past 24 hours, according to market data.

The breakout marks a clear move beyond the upper boundary of January’s consolidation range. Bitcoin price is now hovering near its weekly highs, sitting approximately 5% above its seven-day low near $91,700, as buyers regain control of short-term market structure.

All this is happening as the US Senate Agriculture Committee has delayed its key markup of the Digital Asset Market Structure CLARITY Act until late January. The Senate’s Banking Committee markup is still scheduled for January 15. 

Senate Agriculture Committee Chairman John Boozman announced a timeline for advancing crypto market structure legislation, with legislative text set for release by the close of business on Wednesday, January 21, and a committee markup scheduled for Tuesday, January 27, at 3 p.m. 

Boozman said the schedule is designed to ensure transparency and thorough review while providing regulatory clarity for crypto markets and supporting consumer protection and U.S. innovation.

The delay signals that Senate leaders may lack the votes to advance the bill amid disagreements over stablecoin rewards, DeFi oversight, and SEC–CFTC authority. 

Although the House passed its version in mid-2025, the bill cannot move forward unless both Senate committees approve it.

Despite this, Bitcoin trading activity is rallying alongside the price rally, with 24-hour volume climbing to roughly $55 billion, reflecting renewed participation as price accelerated higher.

Bitcoin’s total market capitalization has risen to approximately $1.92 trillion, reinforcing its dominance within the digital asset market. Circulating supply currently stands at just under 19.98 million BTC, inching closer to the protocol’s fixed 21 million coin cap.

JUST IN: BITCOIN ROCKETS TO $96,000 pic.twitter.com/VtfiX8HKOe

— Bitcoin Magazine (@BitcoinMagazine) January 13, 2026

Strategy ($MSTR) stock soars 

Shares of Strategy (MSTR) jumped sharply today as well, closing at $172.99 USD with a 6.63% gain today and extending strength in after-hours trading up to $177.00, up +2 after hours, as investors continue to price in the company’s high-risk, bitcoin-linked strategy. 

On January 12, Strategy announced they added 13,627 bitcoin for $1.25 billion, lifting its total holdings to 687,410 BTC.

The purchases were made between January 5 and January 11 and funded through the company’s at-the-market offering program, which included sales of Class A common stock (MSTR) and its 10.00% Series A perpetual preferred stock, Stretch (STRC). 

Bitcoin price outlook

Tuesday’s surge follows several failed breakout attempts over the last couple of months, when bitcoin repeatedly tested resistance near the mid-$94,000 range before pulling back.

For much of the past month, price action remained compressed between roughly $85,000 and $94,000, prompting analysts to warn that bulls needed a decisive move higher to reassert control. That move now appears to be underway.

If the bitcoin price can sustain acceptance above $96,000, the next major resistance zones sit between $98,000 and $104,000, levels that previously capped upside momentum. A failure to hold current levels, however, could see price retrace toward former resistance turned potential support.

The breakout arrives as investors continue to weigh inflation trends, interest-rate expectations, and escalating political uncertainty tied to U.S. monetary policy. 

On the political side, the Department of Justice has opened a criminal investigation into Federal Reserve Chair Jerome Powell. The investigation is intensifying a months‑long feud between the White House and the U.S. central bank

According to Powell, the DOJ served the Federal Reserve with grand jury subpoenas and threatened a criminal indictment tied to his June 2025 testimony about a $2.5 billion plus renovation of Fed office buildings. 

In recent months, the bitcoin price has increasingly traded in response to macro narratives, with many participants viewing it as a hedge against policy instability and long-term currency debasement.

At the time of publication, the bitcoin price is near $96,000.

This post Bitcoin Price Rockets 5.5% Past $96,000, Strategy ($MSTR) Jumps 8%  first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy ($MSTR) Just Spent $1.25 Billion on 13,627 Bitcoin, Pushing BTC Holdings to 687,410

Strategy added to its bitcoin treasury for a third straight week, acquiring 13,627 BTC for roughly $1.25 billion at an average price of $91,519 per coin, according to an SEC filing dated January 12.

The purchases were made between January 5 and January 11 and funded through the company’s at-the-market offering program, which included sales of Class A common stock (MSTR) and its 10.00% Series A perpetual preferred stock, Stretch (STRC). 

The sales generated about $1.2 billion in net proceeds, with $1.1 billion coming from common stock and $119 million from preferred equity.

The latest buy brings Strategy’s total bitcoin holdings to 687,410 BTC, acquired for an aggregate cost of $51.8 billion at an average purchase price of $75,353 per bitcoin. 

At current prices, the stash is worth roughly $62 billion.

Last week, Strategy disclosed another sizable bitcoin purchase, acquiring 1,286 BTC for about $116 million in a filing with the U.S. Securities and Exchange Commission.

The buys, made between late December and early January, lifted the company’s total holdings to 673,783 BTC at the time, funded through Class A share sales under its at-the-market program.

Strategy also increased its U.S. dollar reserves last week to $2.25 billion to support preferred dividends and debt obligations, while reporting an average bitcoin cost basis of roughly $75,000 per coin.

BREAKING: STRATEGY BUYS ANOTHER 13,627 #BITCOIN pic.twitter.com/Pu9lvU1ovt

— Bitcoin Magazine (@BitcoinMagazine) January 12, 2026

Despite bitcoin rebounding above $90,000 to start 2026, the firm recorded a $17.44 billion unrealized loss in the fourth quarter of 2025 after prices fell sharply from October highs.

Strategy’s recent MSCI drama 

Over the past several months, Strategy has been at the center of attention tied to its inclusion in MSCI’s global equity indexes due to its massive Bitcoin treasury strategy. 

MSCI — one of the world’s most influential index providers — launched a review in late 2025 to consider whether companies with more than ~50 % of assets in digital assets (so-called Digital Asset Treasury Companies, or DATCOs) should remain in major benchmarks like the MSCI World and MSCI USA indexes.

If excluded, passive funds tracking these indexes could be forced to sell billions of dollars of MSTR shares, with estimates suggesting up to ~$2.8 billion in outflows from MSCI-linked funds alone and even more if other providers followed suit. Analysts from JPMorgan and TD Cowen estimated that exclusion from these indices could threaten billions in additional market value on top of that.

Strategy’s stock endured some declines and heightened risk-off sentiment as markets priced in the threat of index exclusion, with its share price dropping sharply in late 2025 amid these concerns. 

Company leadership, including Michael Saylor, publicly defended its positioning as a legitimate operating company rather than a passive fund, engaging with MSCI during the consultation and stressing its enterprise operations alongside Bitcoin holdings.

In a statement on X, Saylor said that the company is “not a fund, not a trust, and not a holding company.” He described the firm as a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.

In early January 2026, MSCI announced it would not implement proposed exclusions of DATCOs from its indexes at this time, effectively postponing any removal for the upcoming February 2026 review. This decision was widely interpreted as short-term relief for Strategy — lifting some selling pressure and leading to a 4 %–6 % rise in MSTR stock as investors welcomed the reprieve.

However, MSCI also signaled a broader consultation on how to classify non-operating companies, indicating that similar debates could resurface later in 2026. 

Despite all this buying, the price of bitcoin has been little-changed over the last couple of months. Bitcoin has bounced around the $90,000 range and is currently trading at $90,555.  

This post Strategy ($MSTR) Just Spent $1.25 Billion on 13,627 Bitcoin, Pushing BTC Holdings to 687,410 first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy ($MSTR) Jumps 7% After MSCI Decides Against Excluding Bitcoin Treasury Firms

Shares of Strategy ($MSTR) surged as much as 7% earlier today after global index provider MSCI concluded its long-running review of digital asset treasury companies and opted not to exclude them from its flagship equity indexes — at least for now.

$MSTR was trading above $170 per share in early market trading, before paring gains as bitcoin pulled back into the low $91,000 range.

By midday, $MSTR shares had dipped to around $165, up only 4%, tracking weakness in the broader crypto market but still holding a solid advance on the day.

The rally followed confirmation from MSCI that it will maintain the current treatment of digital asset treasury companies (DATCOs), including Strategy, meaning firms already included in MSCI indexes will remain eligible so long as they continue to meet existing requirements. 

The decision alleviated months of uncertainty that had weighed on Strategy’s stock and fueled concerns over forced selling tied to index rebalancing.

MSCI had been reviewing whether companies holding a majority of their assets in bitcoin or other digital assets should be classified as “investment-oriented” entities rather than operating companies — a shift that would have rendered them ineligible for inclusion in widely tracked benchmarks such as the MSCI All Country World Index and MSCI Emerging Markets Index.

That proposal sparked fierce pushback from Strategy and the broader bitcoin industry. Strategy argued that excluding companies based solely on balance sheet composition was arbitrary and undermined index neutrality. 

Industry groups warned that removing DATCOs could trigger billions of dollars in passive outflows, destabilizing both equity and crypto markets.

Analysts had estimated that Strategy alone could have faced as much as $2.8 billion in forced selling if MSCI proceeded with exclusion, with broader selloffs across bitcoin treasury firms potentially far larger. MSCI’s decision effectively defuses that immediate risk.

$MSTR’s conditional regulatory relief

Still, the outcome was not an unqualified win. MSCI acknowledged concerns from institutional investors that some digital asset-heavy firms resemble investment funds and said further research is needed to distinguish between operating companies and investment-oriented entities. 

As part of its interim approach, MSCI said it will not increase index weightings to reflect new share issuance by DATCOs — a move that could limit Strategy’s ability to expand its index footprint as it issues equity to buy more bitcoin.

MSCI also signaled that exclusion remains a possibility in the future, noting that its indices are designed to track operating companies and that a broader consultation on non-operating firms is forthcoming.

For now, markets focused on the relief. Strategy ($MSTR), which holds nearly $63 billion worth of bitcoin and remains the largest publicly traded corporate holder, saw immediate buying interest as the specter of index removal faded. 

At the time of writing, bitcoin was trading in the low $91,000 range.

This post Strategy ($MSTR) Jumps 7% After MSCI Decides Against Excluding Bitcoin Treasury Firms first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

MSCI Will Not Exclude Bitcoin Treasury Companies Like Michael Saylor’s Strategy From Global Indexes

In a major development for Bitcoin-focused corporations and the broader digital asset ecosystem, global index provider MSCI has concluded its review of digital asset treasury companies (DATCOs) and decided against excluding them from its flagship indexes.

MSCI said the current treatment of affected companies will remain unchanged for now, meaning DATCOs already included in MSCI indexes will stay included as long as they continue to meet existing eligibility requirements. 

The index provider acknowledged feedback from institutional investors expressing concern that some digital asset treasury companies resemble investment funds, which are typically excluded from its indexes. 

At the same time, MSCI said distinguishing between investment-oriented entities and operating companies that hold digital assets as part of their core business requires further research and market input. 

As a result, MSCI said it plans to launch a broader consultation on the treatment of non-operating companies, while deferring any exclusions, additions, or size-related changes for DATCOs in the interim, according to the company announcement. 

JUST IN: MSCI decides to NOT exclude Michael Saylor's Strategy and other Bitcoin treasury companies from its indexes. pic.twitter.com/OTnQgG2jca

— Bitcoin Magazine (@BitcoinMagazine) January 6, 2026

The move reverses fears that have swirled in financial and crypto markets for months that firms — like Strategy — holding a majority of their assets in Bitcoin and other digital assets could be stripped from widely tracked global equity benchmarks like the MSCI All Country World and Emerging Markets indexes.

The proposal, first announced by MSCI late last year, would have effectively classified DATCOs — public companies with greater than 50 % of assets in digital assets — as fund-like entities rather than operating companies, and thus ineligible for inclusion in its core indices. 

That framework had ignited fierce criticism from industry players and advocates.

Strategy and bitcoin industry pushback against MSCI

Strategy — the largest publicly traded Bitcoin treasury company — and other DATCOs had been at the center of the debate. 

Strategy formally urged MSCI to scrap the proposal, arguing that excluding firms based on asset composition alone would be “misguided,” “arbitrary,” and could destabilize index neutrality. 

In an open letter to the MSCI Equity Index Committee, Strategy stressed that DATCOs are operating companies, not passive funds, and should not be judged solely on balance sheet Bitcoin holdings.

Industry coalitions such as Bitcoin For Corporations also mobilized support, framing the move as discriminatory and warning that exclusion could trigger billions in passive outflows and broader market dislocations.

Analysts had projected potential capital flight of up to $2.8 billion from Strategy alone if MSCI followed through with exclusion, with broader estimates of forced selloffs across crypto treasuries ranging much higher. 

The decision ends that uncertainty. It preserves the status of DATCOs within MSCI’s suite of indexes and avoids triggering index-linked passive selling that had loomed as a structural market risk.

Market reaction was swift: shares of digital asset heavyweights including Strategy saw immediate relief buying.

Shares of MSTR jumped over 7% after the news broke in after hours trading. 

This post MSCI Will Not Exclude Bitcoin Treasury Companies Like Michael Saylor’s Strategy From Global Indexes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Michael Saylor’s Strategy Bought 1,286 BTC Last Week, Increases USD Reserve to $2.25B

Michael Saylor’s Strategy, the Tysons Corner, Virginia-based firm formerly known as MicroStrategy, kicked off the new year with another large Bitcoin acquisition, buying 1,286 BTC for approximately $116 million, according to a Monday filing with the U.S. Securities and Exchange Commission (SEC). 

The purchase, made between December 29, 2025, and January 4, 2026, boosts the company’s Bitcoin holdings to 673,783 BTC, valued at around $62.7 billion at current prices.

The latest buy was funded entirely through the proceeds of MSTR Class A stock sales under the company’s at-the-market (ATM) program. The company sold nearly 2 million shares, generating $312.2 million in net proceeds. 

The acquisition also coincides with the firm increasing its U.S. dollar reserve to $2.25 billion, up from $1.44 billion in December, intended to support dividend payments on preferred shares and interest obligations on outstanding debt.

The average price for the recent purchase was $90,391 per Bitcoin, with a small portion — 3 BTC — acquired in the final days of 2025 at $88,210 each. 

Overall, Strategy’s Bitcoin portfolio was accumulated at an average cost basis of $75,026 per coin, reflecting total expenditures of $50.55 billion. 

Despite the gains in 2026, the company reported a $17.44 billion unrealized loss on its digital assets in the fourth quarter of 2025, largely due to Bitcoin sliding from its October high of $126,000.

Bitcoin’s price surpassed $90,000 at the start of the year, partly buoyed by geopolitical tensions in the U.S.-Venezuela corridor and ongoing market optimism. As of Monday, BTC traded near $93,000, representing a roughly 6% gain year-to-date.

The move underscores the company’s continued commitment to its Bitcoin-first treasury model. Michael Saylor, co-founder and executive chairman, signaled the purchase on Sunday via X posting the firm’s Bitcoin portfolio with the caption, “Orange or Green?” 

This weekly acquisition pattern has become a hallmark of Strategy’s approach to building its bitcoin holdings over time.

Strategy’s MSCI delisting possibility 

However, the firm faces ongoing challenges beyond market volatility. Strategy could soon be removed from the Morgan Stanley Capital International (MSCI) global indices, which proposed last October that companies with 50% or more of assets in digital currencies resemble investment funds and may be excluded. 

A potential MSCI delisting could trigger $2.8 billion in stock outflows, according to executives, with further impacts possible across other indexes, including the Nasdaq 100 and Russell benchmarks. Analysts from JPMorgan and TD Cowen estimate that exclusion from these indices could threaten billions in additional market value.

In December, Strategy submitted a formal response to MSCI’s consultation. The company called the threshold “misguided” and warned it could have “profoundly harmful consequences” for investors and the broader digital asset industry. 

Earlier in November, Saylor pushed back on media reports warning that Strategy could face billions in passive outflows if MSCI did follow through with its decision.

In a statement on X, Saylor said that the company is “not a fund, not a trust, and not a holding company.” He described the firm as a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.

Despite these pressures, Strategy’s aggressive accumulation of Bitcoin has influenced other publicly traded firms. 

Tokyo-listed Metaplanet, for instance, has now become the fourth-largest corporate holder of Bitcoin, with 35,102 coins valued at roughly $3.27 billion.

Strategy’s USD reserve and stock sale-driven purchases illustrate a carefully managed, albeit high-risk, strategy of maintaining liquidity while expanding its digital asset holdings. The company has used the reserve to bolster its financial footing amid market swings, aiming to ensure operational continuity and investor confidence.

At the time of writing, bitcoin is dropping to below $92,000.

This post Michael Saylor’s Strategy Bought 1,286 BTC Last Week, Increases USD Reserve to $2.25B first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy Reloads on Bitcoin, Buys 1,229 BTC for $109 Million

Strategy, the largest publicly traded holder of bitcoin, has resumed accumulating bitcoin, purchasing 1,229 coins for approximately $108.8 million during the week ended December 28.

The acquisition was made at an average price of $88,568 per bitcoin and lifts the company’s total holdings to 672,497 BTC, according to a regulatory filing released today. Strategy has now spent roughly $50.44 billion acquiring bitcoin at an average cost basis of $74,997 per coin.

The latest purchase was funded through the sale of 663,450 shares of Class A common stock under the company’s at-the-market (ATM) equity program, generating $108.8 million in net proceeds.

Strategy said it did not sell any preferred securities during the period and retains substantial capacity for future issuances.

Strategy had paused bitcoin purchases the prior week after bolstering its U.S. dollar reserves to roughly $2.2 billion, signaling continued flexibility in timing its market entries.

At press time, bitcoin was trading near $87,200, slightly below Strategy’s most recent purchase price, following a volatile session that saw BTC briefly push above $90,000 before reversing lower. Despite the pullback, Strategy’s bitcoin holdings are valued at nearly $59 billion, leaving the firm with more than $8 billion in unrealized gains.

Shares of Strategy (MSTR) slipped about 1% in premarket trading to around $156.51, mirroring bitcoin’s drop. The stock is now down roughly 45% year-to-date, reflecting both bitcoin’s volatility and investor sensitivity to Strategy’s leveraged exposure to BTC.

According to disclosed data, Strategy recorded a year-to-date bitcoin yield of 23.2% in 2025, reinforcing its long-term accumulation strategy. The company has not reported any bitcoin sales since adopting BTC as its primary treasury reserve asset.

BREAKING: STRATEGY BUYS ANOTHER 1,229 #BITCOIN FOR $108.8 MILLION pic.twitter.com/DoF1a0tZK9

— Bitcoin Magazine (@BitcoinMagazine) December 29, 2025

Strategy’s near $2 billion in bitcoin buys

In the first two weeks of December, Strategy sharply ramped up its bitcoin accumulation, executing back-to-back purchases totaling nearly $2 billion as BTC prices pulled back toward the $90,000 level, at the time. 

Between Dec. 1 and Dec. 14, the company acquired 21,269 bitcoin across two consecutive weeks, first buying 10,624 BTC for about $963 million at an average price of $90,615, followed by 10,645 BTC for roughly $980 million at an average price of $92,098. 

These marked Strategy’s largest weekly purchases since mid-2025. 

At the time of writing, the bitcoin price is trading at $87,300 after being up over $90,000 in the last 24 hours.

This post Strategy Reloads on Bitcoin, Buys 1,229 BTC for $109 Million first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin-treasury Strategy Boosts Cash Reserve to $2.19 Billion, Pauses BTC Buying

Billionaire Bitcoin advocate Michael Saylor’s company, Strategy Inc., increased its U.S. dollar reserves by $748 million last week, lifting total cash liquidity to $2.19 billion, according to a regulatory filing released today.

The update confirms that the company continues to hold 671,268 bitcoin, leaving its total BTC position unchanged during the reporting period from Dec. 15 to Dec. 21. 

Strategy remains the largest corporate holder of bitcoin, with an aggregate purchase price of roughly $50.33 billion.The increase in cash stems from sales conducted under the company’s at-the-market equity offering program. 

During the week, the company sold roughly 4.54 million shares of its Class A common stock, generating $747.8 million in net proceeds after commissions. No preferred stock was issued, despite multiple preferred share classes remaining available for sale.

As of Dec. 21, Strategy reported more than $41 billion in remaining capacity across its common and preferred stock ATM programs. 

The filing shows that the company did not purchase any bitcoin during the period. Its holdings remained steady at 671,268 BTC, acquired at an average price of $74,972 per coin, inclusive of fees and expenses. The lack of accumulation marks a pause following a large bitcoin purchase earlier in December.

JUST IN: Michael Saylor posts the Saylor Bitcoin tracker, hinting at buying more BTC pic.twitter.com/ZUe7WzXMU6

— Bitcoin Magazine (@BitcoinMagazine) December 21, 2025

Strategy has historically relied on equity and debt issuance to fund bitcoin acquisitions. The absence of new purchases suggests a tactical pause, rather than a change in long-term strategy.

Strategy’s dollar reserves

The company first disclosed the establishment of a dedicated U.S. dollar reserve on Dec. 1, when the balance stood at $1.44 billion. The reserve is intended to support preferred dividend payments, service debt obligations, and manage short-term volatility. 

The increase to $2.19 billion strengthens Strategy’s near-term financial flexibility.

Management did not specify how or when the cash will be deployed. In prior filings, Strategy has said capital raises are designed to support long-term bitcoin accumulation while maintaining sufficient liquidity to operate through market cycles.

The continued use of at-the-market offerings underscores Strategy’s active engagement with capital markets. 

While bitcoin holdings were unchanged during the week, the company reiterated its commitment to transparency by publishing regular updates through its investor dashboard and SEC filings.

MSCI and Strategy 

All this is happening while MSCI considers a rule change that could reshape how crypto-heavy companies are treated in global equity markets. MSCI is weighing whether to remove firms like Strategy from its major indexes if more than 50% of their assets are held in digital assets, arguing that these companies resemble investment funds rather than operating businesses. 

Under the proposal, firms classified as “Digital Asset Treasury” companies would be excluded to preserve benchmark integrity and limit volatility. Strategy, the largest corporate holder of bitcoin, sits at the center of the debate, but several other companies with similar balance-sheet strategies could also be affected. 

Strategy has formally pushed back, calling the 50% threshold arbitrary, discriminatory, and unworkable. The company argues it is an operating technology business building digital credit and financial infrastructure, not a passive crypto vehicle. 

Analysts and industry participants have also criticized the proposal, warning that exclusion could force index funds to sell billions of dollars’ worth of shares. 

Estimates suggest potential outflows of $2.8 billion to $9 billion for Strategy alone, and $10 billion to $15 billion across the sector. MSCI is expected to decide by January 15, 2026, ahead of a potential February index implementation.

The outcome of this decision could send shockwaves through the market and potentially impact Bitcoin price performance over the coming months.

Earlier today, ​​Citigroup cut its price target on MicroStrategy to $325 per share from $485. The bank maintained its buy rating on the stock. At the time of writing, Bitcoin is trading near $90,000.

This post Bitcoin-treasury Strategy Boosts Cash Reserve to $2.19 Billion, Pauses BTC Buying first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Michael Saylor’s Bitcoin Treasury Strategy Now Accounts for 3.2% of BTC Supply

Over the last two months, the broader bitcoin market has bled to semi-surprising lows and it seems like fear has crept into the forefront of market sentiment. But Strategy’s Michael Saylor, in true Saylor fashion, just put his head down and bought more bitcoin. 

Over the past two weeks, Strategy has spent nearly $2 billion just on Bitcoin.

Strategy has steadily expanded their Bitcoin treasury over the years, now holding 671,268 BTC — equivalent to 3.2% of all Bitcoin ever expected to exist, the company says.

The firm’s average purchase price for its holdings sits at roughly $75,000 per BTC, with a total acquisition cost of $50 billion and a current Bitcoin net asset value of $60 billion. 

Strategy has added Bitcoin in every quarter since Q3 2020, totaling 90 separate acquisitions.

Per Bitcointreasuries.net, Strategy’s Bitcoin holdings tower over every other publicly traded treasury, owning 12 times the next largest holder, MARA Holdings. 

While most companies in the top 10 hold between 13,000 and 53,000 BTC, Strategy’s accumulation dwarfs them, underscoring its unprecedented scale of BTC holdings. 

Earlier this month, Strategy created a $1.44 billion cash reserve to safeguard future dividends and interest payments, in an effort to reassure investors it would not need to sell any of its roughly $56 billion in Bitcoin amid broader Bitcoin market weakness.

Funded by recent Class A stock sales, the reserve initially covered 21 months of obligations, with plans to extend to 24 months. CEO Phong Le said the move sharply reduced the likelihood of BTC liquidation, addressing fears from prior comments. 

JUST IN: Michael Saylor's Strategy now owns 3.2% of all Bitcoin ever to be in existence pic.twitter.com/R907KnHsee

— Bitcoin Magazine (@BitcoinMagazine) December 16, 2025

Strategy wants more bitcoin: ‘We are going to buy all of it’

At the Bitcoin MENA conference, Saylor discussed his bitcoin beliefs more, saying that Bitcoin was the foundation of a new digital capital and credit era. Addressing sovereign wealth funds, banks, and investors, Saylor framed Bitcoin as “digital capital,” contrasting it with traditional assets like gold, real estate, and equities, and emphasizing its potential as a core store of value in the digital economy. 

Saylor emphasized the growing institutional adoption of Bitcoin, with major U.S. banks—including Bank of America, Wells Fargo, JP Morgan, and Citi—now offering custody solutions and credit against Bitcoin. 

He also cited bipartisan government support from agencies like the Treasury, SEC, and CFTC.

Central to Strategy’s vision is converting volatile Bitcoin into predictable, yield-generating credit. Through over-collateralized instruments like STRK (8% dividend) and STRF (10% perpetual bond), Strategy delivers steady cash flows while enhancing long-term Bitcoin exposure.

Saylor claimed these mechanisms allow the company to double Bitcoin per share every seven years, creating liquidity and aligning corporate growth with investor returns. He likened Bitcoin-backed credit to gold-backed financial systems, envisioning a global shift toward digital gold-supported credit integrated into traditional banking.

Earlier this week, news came out that Strategy will retain its spot in the Nasdaq 100 index despite an annual reshuffle that removed six companies and added three.

This post Michael Saylor’s Bitcoin Treasury Strategy Now Accounts for 3.2% of BTC Supply first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Treasury Companies Are Undervalued

Bitcoin treasury companies have been hit hard by Bitcoin’s disappointing price action throughout 2025. Publicly traded firms holding significant BTC reserves are suffering the most, with leaders like (Micro)Strategy pushing aggressive accumulation amid headwinds—yet most now trade below net asset value, creating a rare opportunity for risk-tolerant strategic investors.

The Bitcoin Treasury Companies Landscape

Not all Bitcoin treasury companies are created equally. Strategy stands apart as the industry standard-bearer, the “Bitcoin among treasury companies,” as it were. The company has maintained its accumulation discipline even as its stock has suffered, recently announcing a $1.44 billion USD reserve specifically designed to pay dividends and debt obligations without forcing Bitcoin sales.

This capital buffer theoretically eliminates the need for excessive dilutive share issuance or forced BTC liquidation, a critical distinction from weaker competitors. Many will likely face shareholder pressure and potential forced selling as their stock prices decline, creating a cascade of supply pressure that could paradoxically benefit the strongest players like MSTR.

Valuation Dynamics of Bitcoin Treasury Companies

The most compelling aspect of current treasury company valuations is that they now trade below net asset value on a per-share basis. In practical terms, you can currently purchase one dollar’s worth of Bitcoin for less than one dollar through treasury company stock. This represents an arbitrage opportunity for investors, though one accompanied by elevated volatility and company-specific risks.

Strategy currently sits at a net asset value premium of less than 1, meaning the company’s market capitalization is below the value of its Bitcoin holdings alone. The upside scenario is striking. If Bitcoin reclaims its previous all-time high around $126,000, Strategy continues accumulating toward 700,000 BTC, and the market assigns even a modest 1.5x to 1.75x net asset value premium, Strategy could approach the $500 region per share.

From Weak to Strong: The Future of Bitcoin Treasury Companies

Examining Strategy’s performance during the previous Bitcoin bear market and overlaying it onto the current cycle reveals eerie alignment. The bar patterns suggest current price levels represent reasonable support, with only a catastrophic final flush justified by Bitcoin weakness providing reason to expect substantially lower levels.

As weaker treasury companies face forced selling, a consolidation thesis emerges, that Strategy and similar strong-positioned players will potentially accumulate cheap Bitcoin from distressed sellers, further concentrating holdings in the most disciplined accumulators. This dynamic mirrors Bitcoin’s own consolidation process, weaker hands sell, stronger hands accumulate, and the asset becomes more concentrated among conviction holders.

Conclusion: Opportunity in Bitcoin Treasury Companies

Bitcoin treasury companies have for the most part delivered disappointing returns in 2025, but this performance has created a window of exceptional opportunity for disciplined investors. At current valuations, Strategy is essentially selling one dollar of Bitcoin for approximately 90 cents, a discount that becomes even more attractive if Bitcoin experiences one final capitulation flush. The probability of this scenario combined with Strategy’s positioned upside creates asymmetric risk-reward worthy of small, carefully-sized positions within aggressive portfolios.

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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

This post Bitcoin Treasury Companies Are Undervalued first appeared on Bitcoin Magazine and is written by Matt Crosby.

Bitcoin Magazine

Michael Saylor’s Strategy ($MSTR) Makes Second Straight $1 Billion Bitcoin Buy

Strategy, the world’s largest publicly traded bitcoin holder, added nearly another $1 billion worth of BTC last week, marking its second consecutive mega-purchase as bitcoin prices pulled back toward the $90,000 level.

The company acquired 10,645 bitcoin for approximately $980.3 million, paying an average price of $92,098 per BTC, according to a filing released Monday. 

Strategy now holds 671,268 bitcoin, purchased for a total of $50.33 billion, giving it an average acquisition cost of $74,972 per coin.

As with recent purchases, the acquisition was funded primarily through equity issuance. The company raised $888.2 million through sales of common stock, with the remainder coming from sales of its STRD preferred shares.

Despite ongoing concerns around shareholder dilution, the company has aggressively leaned on equity markets to increase its bitcoin exposure.

The latest buy comes amid a broader pullback in bitcoin, which dipped below $90,000 over the weekend before stabilizing near $89,600. MSTR shares were flat in premarket trading Monday.

BREAKING: STRATEGY BUYS ANOTHER 10,645 #BITCOIN FOR $980.3 MILLION pic.twitter.com/lbsLi7n6te

— Bitcoin Magazine (@BitcoinMagazine) December 15, 2025

The purchase stands out not only for its size, but for its timing. While Strategy has been a steady buyer throughout 2025, most of its weekly acquisitions in recent months were relatively modest due to fundraising constraints. 

Over the past two weeks, however, Executive Chairman Michael Saylor has ramped up purchases, signaling renewed conviction despite volatility in both bitcoin and Strategy’s stock.

Strategy ($MSTR) stays on the Nasdaq 100

Separately, MSTR confirmed it will remain a constituent of the Nasdaq 100, maintaining its position in the index under the technology category. 

The company has also pushed back against proposals from index provider MSCI, which is reviewing whether to exclude bitcoin treasury companies from its benchmarks.

In the letter, Strategy argued that their proposed digital asset threshold is “misguided” and would have “profoundly harmful consequences.”

MSCI is expected to make a final decision in January.

The company, formerly known as MicroStrategy, pivoted from enterprise software to a bitcoin-focused treasury strategy in 2020. The model has since been replicated by dozens of firms, though critics argue these companies increasingly resemble bitcoin investment vehicles rather than operating businesses.

Still, Saylor has remains unapologetic and bold in his purchasing decisions. As of December 14, 2025, Strategy reports a year-to-date BTC yield of 24.9%, showing its commitment to accumulating bitcoin regardless of short-term market or equity price pressures.

At the time of writing, bitcoin is trading near $89,650. 

This post Michael Saylor’s Strategy ($MSTR) Makes Second Straight $1 Billion Bitcoin Buy first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy Formally Urges MSCI to Keep Digital Asset Treasury Companies on Global Indexes

Strategy, the world’s largest Bitcoin treasury company, has submitted a formal response to MSCI’s consultation on digital asset treasury companies (DATs), urging the index provider not to exclude companies whose digital asset holdings exceed 50% of total assets.

In its detailed letter to the MSCI Equity Index Committee, Strategy argued that the proposed threshold is “misguided” and would have “profoundly harmful consequences” for both investors and the broader digital asset industry.

Founded in 1989, the company operates as a corporate treasury and capital markets business with significant Bitcoin holdings, offering investors a range of equity and fixed-income securities backed by its digital assets. 

According to the company, its model is fundamentally different from a passive investment fund. Strategy actively uses its Bitcoin reserves to generate returns for shareholders, providing novel financial instruments akin to traditional bank and insurance products. 

The company emphasized that “DATs are operating companies, not investment funds,” noting that its operational flexibility allows it to adapt its business model as the technology evolves.

Strategy calls MSCI’s logic “arbitrary, and unworkable.”

Strategy criticized MSCI’s proposal for introducing a digital-asset-specific 50% threshold, calling it “discriminatory, arbitrary, and unworkable.” 

The company highlighted that many traditional businesses — including oil companies, timber operators, REITs, and media firms — also maintain concentrated holdings in single asset types but are not treated as investment funds. 

The company warned that price volatility, differing accounting standards, and asset valuation changes would create index instability, causing DATs to whipsaw in and out of MSCI’s indices.

The letter further argued that the proposal would inappropriately inject policy considerations into index construction.

“MSCI has consistently held itself out as providing indices that accurately and objectively measure market performance,” Strategy wrote.

JUST IN: Strategy officially asks MSCI to revoke its proposal to exclude #Bitcoin treasury companies like $MSTR from its indexes. pic.twitter.com/3k1RlJDZjX

— Bitcoin Magazine (@BitcoinMagazine) December 10, 2025

Excluding DATs based on the type of assets they hold, rather than the underlying business model, could compromise MSCI’s neutrality and mislead investors about how these companies operate. 

Strategy noted that its investors buy exposure to the company’s management and innovation capabilities, not merely to Bitcoin itself, citing historical trading patterns in which the company’s stock often outperformed the underlying value of its digital holdings.

Strategy: Digital assets are popular in government policy

The company also framed the debate in the context of U.S. economic policy. Strategy noted that the federal government, under President Trump, has made digital assets central to national economic endeavors, including the establishment of a Strategic Bitcoin Reserve and promoting access to digital assets in retirement accounts. 

Excluding DATs from MSCI indices would, the letter argued, conflict with these policies and chill innovation in a nascent sector. 

Analysts cited in the letter estimate that Strategy alone could face up to $2.8 billion in stock outflows if MSCI implements the exclusion, with broader implications for the emerging digital asset economy.

Strategy positioned itself within a historical context, comparing the rise of digital asset treasuries to earlier industrial leaders. 

The letter highlighted examples like Standard Oil, AT&T, Intel, and NVIDIA, noting that these companies made concentrated investments in emerging technologies that were initially viewed as risky but ultimately became foundational to economic growth. 

Similarly, the letter argued, digital asset treasuries are building critical infrastructure for a new financial system.

Don’t succumb to ‘short-sightedness’

The letter concluded by urging MSCI to reject the 50% threshold, citing the risk of stifling innovation, damaging index integrity, and undermining federal strategy. Strategy recommended that MSCI allow the market to continue evolving and conduct more thorough consultation before considering any policy that would differentiate DATs from other operating companies. 

The company invoked MSCI’s precedent in reorganizing the Communication Services sector after nearly two decades of industry evolution, suggesting a measured, deliberative approach.

“History shows that when foundational technologies have emerged, institutions that prospered allowed markets to test them rather than throttling them in advance,” Strategy wrote. “MSCI can either succumb to short-sightedness or allow its indices to reflect, neutrally and faithfully, the next era of financial technology.”

Elsewhere, companies like Strive and Bitcoin For Corporations also challenged MSCI’s decision.

This post Strategy Formally Urges MSCI to Keep Digital Asset Treasury Companies on Global Indexes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

‘We are going to buy all of it’: Michael Saylor talks Bitcoin Strategy at Bitcoin MENA Conference

Michael Saylor, executive chairman of Strategy, delivered a sweeping keynote at the Bitcoin MENA conference earlier today, framing Bitcoin not just as an investable asset, but as the foundation of a new era in digital capital and credit.

Speaking to an audience of sovereign wealth funds, banks, conference attendees, and investors, Saylor outlined how his company is leveraging Bitcoin to create the world’s first digital Treasury and build a global system of Bitcoin-backed credit.

“Bitcoin is digital capital,” Saylor said, opening his talk.

He contrasted Bitcoin with traditional forms of capital such as gold, real estate, and equities, emphasizing its potential as a foundational store of value in the digital economy. 

“We are going to buy all of it,” he declared, highlighting Strategy’s ongoing acquisition program, which now totals 660,624 Bitcoin, including 10,600 acquired last week.

The purchases, he explained, range from $500 million to $1 billion weekly, underscoring the company’s aggressive accumulation strategy.

Banks are meeting with Saylor to discuss Bitcoin 

Saylor stressed the importance of recent institutional and regulatory shifts. He said that over the past year, major U.S. banks including Bank of America, Wells Fargo, JP Morgan, and Citi have moved from cautious observers to active participants, offering custody solutions and credit facilities tied to Bitcoin. 

“All of the large banks in the United States have gone from not banking Bitcoin 12 months ago to issuing credit against Bitcoin or Bitcoin derivatives,” he noted. 

JUST IN: Michael Saylor says he got approached by all the major banks recently to launch #Bitcoin products and services.

Banks are here pic.twitter.com/AcHQRCaP7y

— Bitcoin Magazine (@BitcoinMagazine) December 9, 2025

He also highlighted bipartisan U.S. government support for Bitcoin, citing figures from the Treasury, SEC, and CFTC.

Bitcoin as a yield-generating credit

Central to Saylor’s thesis is the conversion of Bitcoin’s volatile digital capital into predictable, yield-generating credit. 

Strategy has launched a series of Bitcoin-backed credit instruments designed to provide steady cash flows while preserving exposure to the asset’s long-term appreciation. 

“If you have a short time horizon, you buy the credit,” he said. “If you trust Bitcoin and have a long horizon, you buy the equity.”

Saylor described how these instruments work. Using over-collateralization, Strategy transforms Bitcoin holdings into digital credit with lower volatility and reliable yields. 

The firm has introduced products like STRK, a preferred stock paying an 8% dividend backed by Bitcoin, and STRF, a perpetual bond yielding 10% that funds long-term investment in digital assets. 

“We convert 120 months or 240 months of duration into one month,” Saylor explained, emphasizing the ability to deliver near-immediate cash flows from long-term capital.

He also outlined Strategy’s approach to amplifying equity performance. By issuing credit instruments and reinvesting proceeds in Bitcoin, the company effectively enhances its Bitcoin holdings per share over time.

“Every seven years, we double our Bitcoin per share,” he said. 

The result, Saylor claims, is a corporate structure that aligns long-term Bitcoin growth with investor returns while creating unprecedented liquidity in credit markets.

Saylor framed these innovations in historical context. Just as gold served as the foundation for centuries of credit instruments—from mortgages to sovereign debt—Bitcoin, he argued, will form the backbone of a digital credit system. 

“If we have digital gold, it’s very logical that the world’s going to run on digital gold-backed credit,” he said, noting the potential for Bitcoin to underpin global financial systems.

Throughout his keynote, Saylor emphasized both scale and vision. He described a tour of the Middle East, meeting investors across Dubai, Bahrain, Kuwait, and Abu Dhabi, presenting a unified vision of digital capital and credit. 

“The opportunity for Treasury companies is to accumulate pools of capital and issue credit that meets regulatory requirements, integrates into the banking system, and absorbs currency risk,” he said.

At the time of writing, Bitcoin is ripping past $94,000. 

This post ‘We are going to buy all of it’: Michael Saylor talks Bitcoin Strategy at Bitcoin MENA Conference first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strategy’s Michael Saylor Met With Middle East Sovereign Wealth Funds to Pitch Bitcoin-Backed Credit

Strategy Executive Chairman Michael Saylor said today that he has met with “every sovereign wealth fund in the Middle East,” as he continues to promote Bitcoin-backed financial structures to some of the world’s largest pools of capital.

“I’ve been meeting with sovereign wealth funds, banks, fund managers, regulators—about 50 to 100 investors across every jurisdiction,” Saylor said.  

Saylor said his message was simple: Bitcoin is digital capital, or digital gold, and digital credit builds on it by stripping out volatility to generate yield—offering cash flow now instead of waiting decades for capital to appreciate.

Speaking at the Bitcoin MENA conference, the Strategy founder outlined a framework designed to convert digital capital into credit, arguing that Bitcoin can underpin yield-generating products that outperform traditional fixed income while reducing volatility. 

“There is a strategy that exists to convert capital into credit,” Saylor said, describing instruments that could deliver returns well above government bonds or bank deposits.

BREAKING: STRATEGY BUYS ANOTHER 10,624 #BITCOIN FOR $962.7 MILLION pic.twitter.com/Iral5Yj4Y7

— Bitcoin Magazine (@BitcoinMagazine) December 8, 2025

Saylor framed the approach as a multi-layered allocation strategy, ranging from direct exposure to Bitcoin, to Bitcoin-backed credit, and ultimately equity in treasury-focused companies. 

He argued that investors uncomfortable with Bitcoin’s price swings could still achieve “two to four times” the yield of traditional credit markets through digital credit products, while more risk-tolerant investors could seek amplified exposure through equity.

Saylor: Banks can custody Bitcoin

Beyond investment products, Saylor emphasized the role banks could play by custodying Bitcoin and extending credit on top of it. 

He said integrating digital capital into regulated banking systems could attract trillions of dollars in global capital, particularly as many major banks still do not support Bitcoin custody or lending.

Saylor also pointed to low-yield environments in Japan and Europe as prime targets for adoption. 

“I think this is something the Japanese market will really, really like,” he said, referencing demand for assets that “have a stable price and pay yield that is far higher than they’re used to seeing.”

He argued that dissatisfaction with near-zero bank yields is already pushing investors into corporate bonds and private credit, creating an opening for Bitcoin-backed alternatives.

The long-term opportunity lies in creating regulated digital bank accounts powered by Bitcoin-backed credit, which he believes could reposition early adopters as global financial hubs. 

He suggested that jurisdictions willing to embrace the model could become the “Switzerland of the 21st century” by attracting vast amounts of international capital.

Earlier today, Strategy announced it purchased 10,624 bitcoin for about $963 million, raising its total holdings to 660,624 BTC, worth roughly $60.5 billion at current prices near $91,500. 

The purchase, funded primarily through equity sales, marks the company’s largest weekly bitcoin acquisition since July and signals renewed access to capital. 

Saylor has pointed to the firm’s BTC Yield metric of 24.7% in 2025 and defended Strategy as an operating company, not a fund, amid MSCI index concerns. 

This post Strategy’s Michael Saylor Met With Middle East Sovereign Wealth Funds to Pitch Bitcoin-Backed Credit first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Coalition Pushes Back Against MSCI Proposal Targeting Bitcoin-Heavy Companies

Bitcoin For Corporations (BFC), in coordination with its member companies, formally challenged MSCI’s proposed rule to exclude companies from the MSCI Global Investable Market Indexes if digital assets represent 50% or more of total assets. 

The rule would apply to companies whose primary business is classified as digital-asset treasury activity.

BFC argues the proposal misclassifies operating companies by prioritizing balance-sheet holdings over actual business operations.

“MSCI has long defined companies by what they do, not by what they hold. This proposal abandons that principle for a single asset class,” said George Mekhail, managing director of BFC. “A shareholder-approved treasury decision shouldn’t override that reality.”

The coalition identified three structural issues with the proposal. First, it redefines primary business based on asset composition rather than revenue-generating operations. Second, it singles out digital assets while other asset classes face no similar treatment. 

Third, it ties index inclusion to volatile market prices, creating unpredictable membership changes.

BFC warned that the proposal could lead to passive fund outflows, higher capital costs, and increased volatility for companies, all unrelated to operational performance. 

The group urged MSCI to withdraw the threshold, maintain an operations-based classification, ensure asset-class neutrality, and engage with market participants on a business-aligned framework.

1/ JUST IN: @BitcoinForCorps (BFC) is formally calling on MSCI to withdraw its proposed 50% digital-asset exclusion rule.

The proposal directly affects how operating companies are treated in global indexes.

Here's everything you need to know: pic.twitter.com/mfBCML5AgW

— Bitcoin For Corporations (@BitcoinForCorps) December 8, 2025

Strive echoes the sentiment 

Strive Asset Management, co-founded by Vivek Ramaswamy, also formally urged MSCI last week to reconsider its proposal to exclude companies with bitcoin holdings exceeding 50% of total assets from major equity benchmarks. 

In a letter to MSCI CEO Henry Fernandez, Strive warned that the rule could produce inconsistent results due to differing accounting standards under U.S. GAAP and IFRS.

Strive, the 14th-largest corporate bitcoin holder with over 7,500 BTC, argued that the 50% threshold is “unjustified, overbroad, and unworkable.” Its executives highlighted that many bitcoin treasury companies operate real businesses in sectors such as AI data centers, structured finance, and cloud infrastructure. 

They compared the proposed treatment of bitcoin to other assets, noting that energy companies with large oil reserves or gold miners are not excluded from indexes.

The firm also cited market volatility, derivatives exposure, and accounting differences as factors that could make index inclusion unpredictable. 

Strive warned that strict rules could drive innovation abroad, giving international firms a competitive advantage.

MSCI plans to announce its decision on January 15, 2026. Strive’s intervention reinforces the broader industry call for operations-based classification, asset-class neutrality, and fair treatment of companies holding significant bitcoin as part of their treasury strategy.

MSCI could exclude Strategy

Perhaps the company most affected by this would be Strategy, the tech- and Bitcoin-focused software company famous for its bold Bitcoin reserve strategy. Strategy and Chairman Michael Saylor recently pushed back against concerns that MSCI could exclude the company from major equity indices, which analysts warn might trigger billions in passive outflows. 

Saylor emphasized that Strategy is not a fund or holding company but an operating business with a $500 million software division and a $7.7 billion Bitcoin-backed credit program. 

He highlighted products like Stretch ($STRC), a Bitcoin-backed credit instrument, and stressed that Strategy actively creates, structures, and operates financial products rather than passively holding assets. 

Disclaimer: Bitcoin For Corporations And Bitcoin Magazine both operate under the parent company of BTC Inc.

This post Bitcoin Coalition Pushes Back Against MSCI Proposal Targeting Bitcoin-Heavy Companies first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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Bitcoin Price Briefly Surges Past $92,000 As ‘Bitcoin Breaks 4-Year Cycle’  

The bitcoin price climbed above $92,000 over the weekend, off of lows near $88,000. The bitcoin price reached $92,203 at its seven-day high.

Bernstein analysts argue that recent price movements signal a structural shift in Bitcoin’s market cycle. In a note to clients, the firm said the traditional four-year cycle—historically peaking every four years—has broken. 

Bernstein sees Bitcoin entering an elongated bull cycle, fueled by persistent institutional buying that offsets retail selling.

Despite a roughly 30% correction, ETF outflows have remained minimal, under 5%.

The bank raised its 2026 price target to $150,000, projecting the cycle could peak in 2027 around $200,000. Bernstein maintains a long-term 2033 target of roughly $1 million per BTC.

JUST IN: $779 billion Bernstein says, “#Bitcoin cycle has broken the 4-year pattern and is now in an elongated bull-cycle” pic.twitter.com/PUHyyvTqnA

— Bitcoin Magazine (@BitcoinMagazine) December 8, 2025

Meanwhile, Wall Street bank JPMorgan remains bullish over the next year. Its analysts maintain a gold-linked, volatility-adjusted BTC target of $170,000 over the next six to twelve months, factoring in price fluctuations and mining costs.

Strategy and the Bitcoin price

Strategy (MSTR), the largest corporate Bitcoin holder, remains central to institutional market dynamics. The company owns roughly 660,624 BTC, with an enterprise-value-to-Bitcoin holdings ratio (mNAV) of 1.13. 

JPMorgan notes this ratio above 1.0 is “encouraging,” suggesting Strategy is unlikely to face forced sales of its holdings.

Strategy has also built a $1.44 billion U.S. dollar reserve to cover dividend payments and interest obligations for at least 12 months, with plans to extend coverage to 24 months. Bernstein maintained its Outperform rating on MicroStrategy but lowered its price target from $600 to $450, reflecting the recent market correction.

Just today, Strategy said they bought 10,624 BTC last week for about $963 million, paying an average of $90,615 per coin. This brings its total holdings to 660,624 BTC, acquired at an average cost of $74,696 per bitcoin, with a current market value near $60.5 billion and unrealized gains of roughly $11 billion. 

The purchase marks Strategy’s largest recent buying spree as market volatility eased. Its shares rose about 3% in early trading Monday, rebounding from a Dec. 1 low near $155, though they remain over 50% below their six-month peak.

As of right now, the bitcoin price trades at $90,886, up 3% in the past 24 hours, with a 24-hour trading volume of $46 billion.

The cryptocurrency’s market capitalization now stands at $1.82 trillion, with a circulating supply of 19.96 million BTC and a maximum supply capped at 21 million.

This post Bitcoin Price Briefly Surges Past $92,000 As ‘Bitcoin Breaks 4-Year Cycle’   first appeared on Bitcoin Magazine and is written by Micah Zimmerman.