Strategy Inc. Slows Bitcoin Buying Amid Index Risks and Share Buybacks
Strategy Inc. (MSTR) founder Michael Saylor signaled plans to keep building the company's cryptocurrency balance sheet, even as recent filings show weekly Bitcoin (BTC) purchases slowed to an annual low of 250 coins. The firm now holds 848,250 Bitcoins worth approximately $69.45 billion, representing 4.04% of all coins in circulation. Despite the expanded hoard, shares of the software company dropped 9.56% to $136.80.
The market pullback follows changes to index provider MSCI's criteria, which could lead to Strategy Inc.'s removal from global investment benchmarks on November 11, 2026. Because the value of its crypto reserves vastly exceeds its underlying software business, exclusion could trigger up to $2.8 billion in forced share sales by passive index funds. To navigate financial pressures, management shifted capital away from aggressive token accumulation, directing $192.4 million toward repurchasing its Series STRC preferred stock to trim a high 12.31% yield obligation.
Investors will be watching the upcoming November decision from MSCI, as well as how management balances debt obligations against crypto accumulation. While Strategy Inc. maintains a $5.5 billion dollar safety buffer to protect liquidity, its stock currently trades at a discount to its net asset value with a basic MNAV ratio of 0.83x.
Key points
- Strategy Inc. controls 848,250 Bitcoins, representing 4.04% of the global supply with a market value of $69.45 billion.
- Weekly Bitcoin acquisitions fell to 250 coins as the company reallocated $192.4 million to buy back preferred shares with a 12.31% yield.
- MSCI selection criteria updates put Strategy Inc. at risk of exclusion from global stock indexes, with a decision due November 11, 2026.
- Potential index removal could trigger an estimated $2.8 billion in forced capital outflows from index funds holding company shares.
- Company stock fell 9.56% to $136.80, lowering its net asset value multiple to 0.83x despite maintaining a $5.5 billion dollar buffer.
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How much Bitcoin does Strategy Inc. currently hold?
Strategy Inc. holds 848,250 Bitcoins, which equals approximately 4.04% of total global supply. The reserves have a market value of $69.45 billion with an average purchase cost of $75,444 per coin.
Why did Strategy Inc. stock drop?
The stock fell 9.56% due to potential exclusion from MSCI global benchmarks on November 11, 2026. Analysts estimate the decision could force index funds to sell $2.8 billion worth of shares.
Why did Strategy Inc. slow its Bitcoin purchases?
The company redirected $192.4 million toward repurchasing its Series STRC preferred shares to reduce dividend costs on their 12.31% yield, lowering weekly Bitcoin buys to a year low of 250 coins.