Strategy spent more than twice as much on preferred-share buybacks as Bitcoin. Now comes its MSCI exit
Summary
MSCI scheduled Strategy’s removal from the MSCI USA Index for the November 30 close, raising questions about future demand for its stock and its ability to raise capital. In November 2–8, Strategy raised $284 million by selling MSTR shares, using $188 million for preferred-share repurchases, $82 million to buy 1,036 Bitcoin, and $14 million for cash. Its reported Bitcoin holdings reached 850,364 BTC. Index-linked funds’ potential selling would not directly remove company funds or Bitcoin, but weaker MSTR demand could make new share issuance less attractive. The scale of any effect is uncertain, and Strategy retains other financing and treasury options, including substantial unused share-issuance capacity and discretionary Bitcoin sales.
