Strategy’s Market Cap Declines but Maintains S&P 500 Eligibility

TLDR

• Strategy holds over 640,000 BTC, largest corporate holder.
• Acquired 8,178 BTC for $835.6 million at $102,171 each.
• Raised $19.8 billion in capital year-to-date through preferred equity.

Strategy (MSTR), led by Michael Saylor, has faced a significant decline in its market capitalization. This decline has brought the company’s market cap below its Bitcoin mark-to-net asset value (mNAV). Despite this downturn, Strategy’s eligibility for inclusion in the S&P 500 remains intact. The developments follow notable on-chain and market changes since November 2025.

Michael Saylor, Strategy’s Chairman, has been a steadfast advocate for Bitcoin, overseeing the company’s transformation from a business intelligence firm to primarily holding Bitcoin. As the world’s largest corporate holder of Bitcoin, Strategy recently disclosed holding over 640,000 BTC in its filings. The company is widely recognized as a high-leverage Bitcoin proxy in U.S. equities markets.

Recent Market Activity and Corporate Actions

Recently, Strategy acquired 8,178 BTC for approximately $835.6 million. This marks the largest purchase since July 2025. These acquisitions were made at an average price of around $102,171 per BTC. Michael Saylor confirmed the continuation of these purchases during a CNBC interview, stating, “We are buying, we’ll report our next buys on Monday morning. We’re accelerating our purchases.” This statement was also confirmed on company channels.

“We are buying, we’ll report our next buys on Monday morning. We’re accelerating our purchases.”

Michael Saylor, Chairman, Strategy

In a tweet dated September 30, 2025, James Seyffart, an ETF Analyst at Bloomberg, mentioned, “Looks like Strategy/ $MSTR will be eligible for S&P 500 index inclusion in December.” This statement comes despite the stock price collapse and ongoing market challenges.

Strategic Financial Position and Market Dynamics

Strategy has raised approximately $19.8 billion in capital year-to-date in 2025. This funding was largely through preferred equity, raising $6.7 billion across various preferred stocks such as STRF, STRK, STRD, and STRC. Strategy’s access to institutional capital increased following its acquisition of an S&P credit rating of B-.

Despite rumors about Bitcoin sales, Strategy’s corporate filings and Michael Saylor have confirmed ongoing accumulation and strong conviction in its treasury strategy. The company’s Bitcoin cold storage remains unchanged, corroborated by official data. On-chain data shows no forced liquidations of BTC, disputing earlier reports of large BTC outflows.

Market Sentiment and Potential Impact

Past large-scale Bitcoin purchases by Strategy amplified attention to corporate crypto adoption and had a positive impact on BTC market sentiment. However, recent speculation about S&P 500 index inclusion, despite missing it in September 2025, has also led to increased discussion among institutional and retail investors.

While Bitcoin and MSTR stocks are the primary assets impacted by these dynamics, Strategy’s actions have not materially affected Ethereum (ETH) or other altcoins. However, overall market sentiment could experience ripple effects during risk-off events, affecting broader market conditions.