TD Cowen analysts warn that Strategy’s stock may stay under pressure as they expect MSCI to formally decide by mid-January to remove PBTCs like Strategy from all its indexes in February.
Michael Saylor took to X to dismiss concerns about MSCI-driven outflows, emphasizing that Strategy is an operating company with a $500 million software business and a $7.7 billion Bitcoin-backed digital credit program.
Strategy released its third-quarter earnings and reported a year-to-date Bitcoin yield of 26%, generating $12.9 billion in gains amid the ongoing 2025 crypto bull market.
A deep dive into the three strategic models emerging in corporate Bitcoin treasury companies, from pure-play credit issuers to hybrid operators, based on Michael Saylor’s latest thinking.
Bitcoin treasury companies can no longer rely on holdings alone to stand out. Jurisdiction, capital strategy, and leadership now define shareholder trust and mNAV.
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