Bitcoin’s volatility also significantly increases the vulnerability of Strategy, which, as the largest corporate holder of the first cryptocurrency, owns nearly $60 billion worth of BTC, the bank’s analysts reminded. The company is experiencing difficulties covering operating expenses and servicing its debt. If the price of the first cryptocurrency continues to fall, Strategy may face the need for forced sales of part of its bitcoins, according to JPMorgan.

This is the first time since 2020 that the company’s shareholder value has turned negative relative to the value of its bitcoin holdings, when Strategy began aggressively accumulating cryptocurrency as a hedge against inflation. At a share price of $184, Strategy’s current market capitalization stands at about $49 billion, while the value of its 650,000 BTC reserves exceeds $59 billion.

Cryptocurrency

Bitcoin edged higher on Tuesday after a sharp selloff during the previous session that pushed the world’s largest cryptocurrency below $84,000, as a fresh wave of risk aversion hit digital assets at the start of December.

Strategy Inc (MSTR) announced on December 1 the creation of a $1.44 billion cash reserve to ensure dividend payments on preferred shares and interest on outstanding debt. The reserve was established using proceeds from the company’s at-the-market stock offering program.

The first signals of a possible position review by MSCI Inc. have increased market tension as investors begin to factor in the risks of automatic sell-offs. This was reported by expert GugaOnChain. Market participants are closely monitoring the situation, as the organization’s decisions traditionally influence capital flows in global indices. The market is already reacting with increased volatility, reflecting heightened sensitivity to new regulatory pressure. According to the expert, in times of instability, participants prefer to reduce risks and lock in profits.

Index provider MSCI is finalizing new rules on how it classifies companies whose shares are included in MSCI USA, MSCI World, and the Nasdaq 100, according to JPMorgan analysts. MSCI proposes creating a new category for companies whose digital assets (Bitcoin, Ether, and other cryptocurrencies) make up more than 50% of their total asset value.

According to the economist, Strategy stays afloat only because large funds are buying its preferred shares with a promised high yield — payments that will never actually materialize.

In a statement dated November 10, Strategy reported that the new Bitcoin purchase was a continuation of its strategy to increase its holdings of the first cryptocurrency, which exceeded $67 billion at the beginning of November.

Cryptocurrency

Bitcoin remained under pressure on Tuesday, continuing its decline after a brief recovery, as progress on ending the U.S. government shutdown and additional buying from major corporate holder Strategy did little to support prices.

The chairman of Strategy (formerly MicroStrategy), who turned it into the world’s largest Bitcoin treasury, published a message stating that the organization’s BTC portfolio has reached $65.45 billion.

During the first IPO on the European stock market, it was planned to issue about 3.5 million preferred shares of Strategy (STRE) and raise €350 million ($378 million). However, demand from European institutional investors for the company’s new shares exceeded the planned issuance volume many times over, allowing the IPO organizers to double the offering.

The crypto-treasury (DAT) company Strategy has announced the issuance of new perpetual preferred shares denominated in euros, aimed at financing further Bitcoin (BTC) purchases.

Strategy co-founder and chairman Michael Saylor announced that the company will focus on raising digital capital, strengthening its financial position, and maintaining strong relations with creditors and shareholders in Europe.

Strategy Inc (MSTR) sold $69.5 million worth of shares through its at-the-market offering programs between October 27 and November 2, 2025, according to the company’s filing.

Michael Saylor, founder of Strategy, believes that by the end of 2025, Bitcoin is likely to reach $150,000. In the long term, he predicts that BTC could rise to $20 million.

According to documents provided by the company, Strategy now holds 640,808 BTC valued at approximately $74 billion, purchased at an average price of $74,032 per coin.