TLDR
- MSTR closed at $97.10, up 2.37% in the latest session.
- MSCI’s proposal could remove Strategy from its global indexes.
- MSCI will publish consultation results on October 16.
- Strategy holds 840,447 BTC after selling 1,690 BTC for about $108.6 million.
- CEO Phong Le said Strategy plans to resume Bitcoin accumulation later in 2026.
Strategy stock gained 2.37% to close at $97.10 even as the Bitcoin treasury company faced renewed uncertainty over its place in MSCI global indexes. MSTR remained around the $97 level in Friday premarket trading as investors weighed the proposed index rules against Strategy’s plan to resume Bitcoin purchases later this year.
Source: KnockOutStocks
The latest MSCI consultation targets companies whose businesses rely heavily on accumulating non-operating assets and raising outside capital. A simulation using May 2026 data identified Strategy, Metaplanet and uranium holder Yellow Cake as companies that would be removed if the proposed methodology applied. MSCI stressed that the proposal remains under review.
MSCI Proposal Places Strategy Back Under Index Review
MSCI’s proposed framework starts by checking whether operating assets represent more than 50% of a company’s total assets. Companies that fail this first screen move to five additional tests covering operating assets, expenses, cash flow, changes in the value of non-operating assets and dependence on external financing.
A company would become ineligible if it fails four of those five tests. Existing MSCI constituents would receive a buffer, requiring them to fail the screen for two consecutive assessment periods before removal. The consultation closes September 30, with MSCI planning to publish its decision by October 16 and potentially apply changes during the November 2026 Index Review.
The framework differs from MSCI’s earlier proposal aimed directly at digital asset treasury companies holding large portions of their assets in cryptocurrencies. MSCI decided in January not to apply that crypto-specific exclusion and instead moved toward a broader review of non-operating companies.
Strategy CEO Says Bitcoin Buying Will Resume in 2026
Strategy CEO Phong Le has meanwhile said the company plans to resume Bitcoin accumulation before the end of 2026. Le said Strategy has purchased about 175,000 BTC this year while selling roughly 7,000 BTC, leaving purchases around 25 times larger than sales.
Recent sales have served Strategy’s wider capital-management strategy. The company sold 1,690 BTC between August 3 and August 9 for about $108.6 million and used the proceeds to repurchase 1.15 million shares of its STRC preferred stock. Strategy now holds 840,447 BTC acquired for about $63.36 billion at an average cost of $75,385 per coin.
Le linked further Bitcoin purchases to improvement in STRC during a July interview with Bloomberg, saying Strategy could issue more preferred shares and buy more Bitcoin once STRC moves back toward its $100 stated value. Strategy has not announced a date for its next BTC purchase.
MSTR Stock Faces Bitcoin and Balance-Sheet Pressure
Strategy’s latest Bitcoin sales come after the company recorded a net loss of $8.22 billion during the second quarter. The result included an $8.32 billion unrealized loss on digital assets as falling Bitcoin prices reduced the reported value of Strategy’s holdings.
The company has also increased its US dollar reserve while managing its preferred securities. Recent common-stock sales helped raise that reserve to about $4.65 billion, providing additional liquidity for preferred dividends, interest payments and other obligations.
MSCI will publish the consultation results on October 16, with any approved changes potentially taking effect during the November 2026 Index Review.
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