Corporate Bitcoin giant faces S&P 500 exclusion despite massive treasury
Strategy (formerly MicroStrategy) has acquired an additional 1,955 BTC between Sept. 2 and Sept. 7, spending $217.4 million at an average price of $111,196 per coin, according to its latest SEC filing.
This purchase takes the firm’s total stash to 638,460 BTC, worth around $71 billion at current prices. With an average cost basis of $73,880 per bitcoin, Strategy now sits on more than $24 billion in unrealized gains. The company controls over 3% of Bitcoin’s capped 21 million supply, reinforcing its dominance as the largest corporate BTC holder.
Funding strategy: preferred stock programs
The acquisitions were financed through proceeds from sales of:
- MSTR Class A common stock via at-the-market (ATM) offerings.
- Perpetual preferred stocks (STRK, STRF, STRD, STRC) — each structured with different dividend and risk profiles, designed to fund Bitcoin purchases while appealing to varied investor bases.
The programs form part of Strategy’s “42/42” capital plan, which targets $84 billion in equity offerings and convertible notes for Bitcoin acquisitions by 2027, an expansion of its original $42 billion goal.
S&P 500 rejection
Despite meeting size and liquidity requirements, Strategy was snubbed from S&P 500 inclusion in the latest index rebalancing, with AppLovin, Robinhood, and EMCOR Group added instead. The next rebalancing is scheduled for December.
Analysts say S&P 500 entry could have forced trillions in passive index funds to buy MSTR stock, creating a powerful demand catalyst. Responding to the rejection, Strategy co-founder Michael Saylor posted a chart highlighting the company’s outperformance against both BTC and the S&P 500, commenting simply: “Thinking about the S&P right now…”
Corporate Bitcoin treasury boom under pressure
Strategy leads a growing group of 171 public companies holding Bitcoin, including:
- Marathon Digital (52,477 BTC)
- Twenty One (43,514 BTC)
- Bitcoin Standard Treasury Co. (30,021 BTC)
- Bullish (24,000 BTC)
- Metaplanet (20,136 BTC)
However, share prices of many corporate Bitcoin treasuries are down sharply from summer highs — with Strategy itself off 26%, Metaplanet down 64%, and Kindly MD plunging 84%.
Adding further pressure, Nasdaq announced tighter oversight of companies raising capital to buy crypto, requiring shareholder votes on certain deals and mandating expanded disclosures. Saylor said these changes won’t affect Strategy’s funding model.
With over $71 billion in Bitcoin holdings, Strategy remains the undisputed leader of corporate BTC adoption. But the S&P 500 exclusion, combined with increased regulatory scrutiny, raises fresh questions about whether the corporate Bitcoin treasury boom has hit its limits — or if Strategy’s aggressive accumulation will continue to set the tone for institutional Bitcoin adoption.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.