On Monday, Strategy, formerly known as MicroStrategy, announced a new acquisition of Bitcoin (BTC) in a filing with the US Securities and Exchange Commission (SEC). Notably, this latest purchase brings the company’s total holdings to nearly 680,000 BTC, with current figures standing at 672,497 BTC.
Bitcoin Buys Vs. Stock Struggles
Analysts, including Lirrato on the social media platform X, revealed that the company acquired 22,498 BTC in December alone. To reach the target of 680,000 BTC by January, Strategy needs only 7,503 more coins—an amount they surpassed last month.
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However, despite this bullish acquisition, the company’s stock (MSTR) has experienced a significant decline, plummeting by over 50% throughout 2025 to its current trading price of around $163 on Monday.
Adding to the challenges facing Strategy, the firm could be just ten days away from being delisted from the Morgan Stanley Capital International (MSCI) index, awaiting for the formal announcement.
In an October proposal, MSCI indicated that firms holding digital assets amounting to 50% or more of their total assets should be removed from its global benchmarks. This move was justified by MSCI’s assertion that these firms resemble investment funds, which are excluded from its indexes.
Strategy Braces For Potential Financial Turmoil
Presently, MSCI is conducting a public consultation, and if it determines that Digital Asset Treasury (DAT) companies like Strategy should be excluded, it could set a precedent that other index providers might follow.
In a public letter, Strategy’s CEO, Phong Le, and co-founder Michael Saylor discussed the possible implications of an MSCI exclusion. They estimated that such a decision could lead to around $2.8 billion worth of the company’s stock being liquidated, creating a potential chilling effect across the entire industry.
Analysts from TD Cowen highlighted that approximately $2.5 billion of Strategy’s market value is tied to MSCI, while an additional $5.5 billion hinges on other indexes.
JPMorgan’s analysis suggests that if MSCI were to exclude Strategy, the company could face $2.8 billion in outflows, a number that could escalate to $8.8 billion if it were delisted from additional indexes, including the Nasdaq 100, the CRSP US Total Market Index, and various Russell indexes owned by the London Stock Exchange Group (LSEG).
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Alongside these potential challenges, Strategy may soon have to contend with substantial financial losses that starkly contrast the $2.8 billion profit they reported in the previous year’s third quarter.
Additionally, the Bloomberg Billionaires Index indicates that Michael Saylor has seen his personal wealth diminish dramatically during this downturn, dropping approximately 40% to about $3.8 billion.
Nevertheless, on Monday, cryptocurrency prices saw a notable recovery, with Bitcoin and other digital assets such as Ethereum (ETH), Binance Coin (BNB), Solana (SOL) and XRP climbing back above key levels, sparking a new wave of optimism among investors.
Featured image from DALL-E, chart from TradingView.com
