Bitcoin News Today: Strategy's Bitcoin Bet Hangs in Balance as MSCI Considers Delisting

JPMorgan's report on crypto-buying firms has reignited scrutiny over the classification of companies with significant Bitcoin holdings, as Strategy, the world's largest corporate Bitcoin holder, prepares for a potential delisting from equity indices. The firm's shares have tumbled 42% over the past month, trading near a 13-month low, even as its Bitcoin stockpile is valued at $55 billion.

Strategy's co-founder and Executive Chairman, Michael Saylor, dismissed concerns that the company could be excluded from MSCI's indices in February 2026, emphasizing that Strategy is not an investment fund but a publicly traded operating company with a $500 million software business and a treasury strategy leveraging Bitcoin as productive capital. This stance comes amid MSCI's ongoing consultation on whether to reclassify firms where digital asset holdings exceed 50% of total assets, a move that could affect Strategy's inclusion in major indices like the Nasdaq-100.

The firm's stock performance has been volatile, with its market cap now dipping below the value of its Bitcoin holdings, complicating fundraising efforts. Historically, Strategy has issued common shares to expand its Bitcoin portfolio, but recent reliance on preferred shares offering dividend payments reflects shifting capital strategies. MSCI's final decision on index classifications is due January 15, 2026, adding uncertainty to the firm's near-term outlook.

JPMorgan's report highlighted the broader debate over how crypto treasury firms should be categorized, noting that companies with business models resembling investment funds could face reclassification. This aligns with Strategy's recent focus on structured finance innovation, including new products aimed at capital markets and software development. Saylor reiterated that the company's commitment to Bitcoin remains "unwavering," even as index classifications evolve.

The potential delisting follows Strategy's inclusion in the Nasdaq-100 in late 2024, a milestone Bloomberg ETF Analyst James Seyffart estimated would drive $2.1 billion in net buying for its shares. However, the firm's exclusion from the S&P 500 in September underscored the challenges of balancing corporate operations with crypto-focused treasury strategies.