Overview of Recent Developments
Strategy (MSTR), under the leadership of Michael Saylor, has experienced a significant decrease in its market capitalization. This downturn has resulted in the company's market cap falling below its Bitcoin mark-to-net asset value (mNAV). Despite this financial shift, Strategy's eligibility for inclusion in the S&P 500 index remains unaffected. These developments follow notable changes in both on-chain activity and market conditions observed since November 2025.
Michael Saylor, Strategy's Chairman, has consistently championed Bitcoin, guiding the company's evolution from a business intelligence provider to an entity primarily focused on holding Bitcoin. As the foremost corporate holder of Bitcoin globally, Strategy recently reported its holdings exceeding 640,000 BTC in its official filings. The company is widely acknowledged as a significant high-leverage Bitcoin proxy within the U.S. equities market.
Recent Market Activity and Corporate Actions
In its latest corporate actions, Strategy acquired an additional 8,178 BTC for approximately $835.6 million. This acquisition represents the company's largest single Bitcoin purchase since July 2025. The average price paid per BTC during this period was around $102,171. Michael Saylor confirmed the ongoing nature of these purchases during an interview with CNBC, stating, "We are buying, we’ll report our next buys on Monday morning. We’re accelerating our purchases." This confirmation was also disseminated through official company channels.
"We are buying, we’ll report our next buys on Monday morning. We’re accelerating our purchases."
Michael Saylor, Chairman, Strategy
Further underscoring the company's strategic positioning, James Seyffart, an ETF Analyst at Bloomberg, tweeted on September 30, 2025: "Looks like Strategy/ $MSTR will be eligible for S&P 500 index inclusion in December." This observation was made even amidst the recent stock price decline and the prevailing market challenges.
Strategic Financial Position and Market Dynamics
Strategy has successfully raised approximately $19.8 billion in capital year-to-date in 2025, primarily through preferred equity offerings. This capital raising effort included $6.7 billion from various preferred stocks such as STRF, STRK, STRD, and STRC. The company's ability to access institutional capital was further enhanced following its attainment of an S&P credit rating of B-.
Contrary to some market speculation regarding potential Bitcoin sales, Strategy's corporate filings and statements from Michael Saylor have consistently affirmed its ongoing Bitcoin accumulation strategy and its strong conviction in this treasury approach. The company's Bitcoin cold storage reserves remain unchanged, a fact corroborated by official data. On-chain data analysis also indicates no instances of forced Bitcoin liquidations, refuting earlier reports that suggested significant BTC outflows.
Market Sentiment and Potential Impact
Historically, Strategy's large-scale Bitcoin purchases have drawn significant attention to corporate adoption of cryptocurrencies and have positively influenced Bitcoin market sentiment. More recently, discussions surrounding its potential S&P 500 index inclusion, despite missing the September 2025 rebalancing, have also generated considerable interest among both institutional and retail investors.
While the primary assets affected by these market dynamics are Bitcoin and MSTR stocks, Strategy's corporate actions have not demonstrated a material impact on Ethereum (ETH) or other altcoins. Nevertheless, overall market sentiment could be subject to ripple effects during periods of risk aversion, potentially influencing broader market conditions.