Coinspeaker
Nov 26, 2025
6 0

Strategy Maintains Solvency Despite S&P 500 Exclusion, BTC Volatility

Strategy reassured investors regarding its financial health despite being excluded from the S&P 500 Index and recent Bitcoin volatility.

  • The company holds 649,870 BTC, valued at approximately $56 billion, significantly surpassing its debt despite recent market challenges.
  • Even if Bitcoin drops to their average cost basis of $74,000, Strategy's BTC holdings would cover its convertible debt by 5.9 times.
  • At a Bitcoin price of $25,000, the coverage ratio would still be 2 times.

Strategy full capital stack | Source: SoSoValue

  • Total obligations, including various stock series, are around $15.993 billion, with BTC coverage ratios ranging from 56× to 7×.
  • MSCI's January 2026 review might remove companies like Strategy, whose crypto holdings exceed half their assets, potentially leading to significant fund divestment.
  • Reports suggest possible coordinated efforts by institutions to hinder Strategy’s growth, though these claims remain unverified.
  • The company has paused its regular Bitcoin purchases, with current cash reserves of about $54 million against over $700 million in annual preferred dividend obligations.