"( Strategy ( NASDAQ:MSTR ), the former business-intelligence software maker turned BitcoinCRYPTO:BTC) holding company, now owns 649,870 bitcoin worth roughly $56 billion at today's price around $86,700. That's around 3% of all Bitcoin ever mined and far exceeds the company's $500 million annual software revenue. Since 2020, executive chairman Michael Saylor has treated Bitcoin as the company's primary treasury asset, raising billions in convertible debt and equity to keep buying on every dip."
"On January 15, 2026, index giant MSCI ( will decide whether companies whose main asset is cryptocurrency - so-called "digital asset treasury" firms - can stay in major benchmarks like the MSCI USA and MSCI World. Strategy is the most prominent large-cap company that currently fails the proposed rules: Bitcoin makes up over 90% of its total assets and dwarfs operating cash flow. If MSCI kicks Strategy out, passive funds tracking those indices would be forced to sell."
"Strategy has raised more than $20 billion through zero- or low-coupon convertible notes since 2020, including: $2 billion 0% notes due 2030 (issued February 2025) $1.75 billion 0.625% notes due 2028 Multiple smaller offerings maturing as soon as December 2025 These notes are convertible at premiums of 35% to 55% to the current stock price, giving bondholders cheap upside while Strategy gets near-free capital. The strategy works as long as Bitcoin keeps rising and the stock trades at a premium to its Bitcoin holdings."
Strategy (NASDAQ:MSTR) holds 649,870 bitcoin, roughly $56 billion at current prices, representing about 3% of all Bitcoin mined. Bitcoin holdings far exceed the company’s legacy software revenue, and executive chairman Michael Saylor has prioritized Bitcoin as the primary treasury asset since 2020. The company has issued over $20 billion in zero- or low-coupon convertible notes to fund purchases, convertible at 35%–55% premiums. MSCI will decide on January 15, 2026 whether firms with digital-asset-heavy treasuries remain in major benchmarks, and exclusion could force passive outflows and sharply depress the stock price.
Read at 24/7 Wall St.
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