JPMorgan said Bitcoin’s short-term trend hinges on whether Strategy (MSTR) can keep its EV/BTC ratio above 1 to avoid selling. The ratio is 1.13, supported by a $1.44B reserve covering two years of payouts. If MSCI retains MSTR on Jan. 15, BTC may rebound; if not, the impact is mostly priced in. JPMorgan’s mid-term model values BTC at about $170K.https://t.co/xbaphvPqu9 ...

TD Cowen analysts have lowered their price target for Michael Saylor's Strategy shares, citing ongoing volatility and shareholder dilution. MicroStrategy (Nasdaq: MSTR), now rebranded as Strategy, has positioned itself as a digital-asset treasury vehicle, giving investors indirect exposure to Bitcoin (BTC) through equity markets. However, it is facing renewed scrutiny over its long-term positioning and its financial health. Market re-evaluation and MSCI pressure With Bitcoin’s price falling from nearly ...

🚨 JUST IN: Polymarket traders now give a 61% chance that MicroStrategy will be delisted from the MSCI index by March 31. https://t.co/J2hWTz19sP ...

MSCI, an investment research division of Morgan Stanley (MS), has stated that it may order a number of its popular equity benchmarks to stop incorporating MicroStrategy (MSTR) stock. The division has indicated that it intends to make a decision on the matter by Jan. 15. If some of MSCI’s benchmarks do stop factoring in MSTR stock, the shares could drop significantly. That’s because the funds that use MSCI’s benchmarks had $16.9 trillion of assets under management as of the end of 2024. Indeed, JPMorgan st ...

After Strategy established a $1.44 billion cash reserve and said it may need to sell Bitcoin, TD Cowen has lowed its MSTR price target. https://t.co/iD2cmVbgXI ...

Crypto markets moving sideways?Check out US stock perps and upgrade your arena to wall street. Trade with up to 25x leverage on stocks like$MTSR.Make your move here: https://t.co/1E6lehxIaOtatadex (@tatadexHQ):Perps trading on $MSTR is fire.With a bitcoin price drop, MSTR’s mNAV is reaching a critical level, and execs are mixed:📉 Phong Le "selling BTC to pay dividends"vs📈 Michael Saylor “never sell BTC"Which side are you on? Get on Bitget Wallet and trade stock perps now. https://t.co/SuaBJi2KG1 ...

microstrategy bought 134,000 btc per month at peak. december they bought 3,887. now sitting on $1.44b usd instead of converting to bitcoin for first time in company history. mnav below 1.0 means selling 650,000 btc becomes mathematically justified per their ceo. the bid is gone ...

Strategy, the world’s largest corporate holder of Bitcoin, has set aside a $1.44 billion U.S. dollar reserve as a liquidity buffer against a prolonged market downturn, a move that analysts at CryptoQuant say signals preparation for a potential bear market phase. The company, the world’s largest corporate holder of Bitcoin, raised the funds through ongoing at-the-market equity sales. The reserve is designed to cover dividend payments on preferred stock and service interest obligations for at least 12 mont ...

Core Viewpoint - MicroStrategy (MSTR) has faced significant challenges, with its stock price halving from over $450 to around $155.61, reflecting a loss of investor confidence in its strategy of financing through stock issuance to invest in Bitcoin [1][3] Group 1: Company Performance and Strategy - MSTR's stock price has a high correlation of 0.97 with Bitcoin, and during the recent market turmoil, MSTR's stock fell over 50%, significantly underperforming Bitcoin's 31% decline [1] - The company's adjusted net asset value (mNAV) has dropped to 1.15, only 15% above the value of its Bitcoin holdings, nearing a critical threshold of 1.0, which poses risks for future stock issuance and could lead to severe dilution [3] - MSTR has issued a substantial amount of convertible bonds and high-yield preferred stock to support its Bitcoin investment strategy, with annual preferred stock dividend payments reaching $750 million to $800 million, leading to unsustainable financial pressure [4] Group 2: Market Dynamics and Competitors - The recent Bitcoin liquidation has severely impacted MSTR's asset value, making it difficult to sell assets without causing market panic, while the company has established a cash reserve of $1.44 billion to alleviate concerns about liquidating Bitcoin [4] - XBIT, a decentralized exchange, has gained traction as investors shift from related stocks to direct digital asset investments, highlighting its advantages in providing a stable trading environment amid market volatility [2][4] - The market is witnessing a shift towards decentralized platforms like XBIT, which offer transparency and risk management, contrasting with MSTR's reliance on a single asset and high leverage [9] Group 3: Future Outlook - MSTR faces three potential paths: a conservative approach focusing on reducing leverage and maintaining cash reserves, an optimistic scenario relying on external market recovery, or a risky strategy of increasing debt through high-yield preferred stock [6] - The company has significantly lowered its financial forecasts, setting Bitcoin's year-end target price between $85,000 and $110,000, and projecting a wide range of potential net income from a loss of $5.5 billion to a profit of $6.3 billion, indicating extreme uncertainty about its future [7] - The ongoing Bitcoin liquidation serves as a test for the risk management capabilities of digital asset-related companies, with MSTR's challenges stemming from its over-reliance on a single asset and aggressive strategies [9]

数据显示，自11月21日以来，Strategy的股价已下跌约20%，该公司市值如今已接近其所持比特币市 值。摩根大通最新指出，Strategy被剔除出主流指数的负面影响已基本体现在其股价中。该行表 示："我们认为，若MSCI决定剔除Strategy，对其股价和比特币的下行影响将有限，因为该风险已被超 额定价。反之，若1月15日MSCI作出有利决定，Strategy和比特币都可能强势反弹至10月10日前的水 平。" 智通财经APP获悉，摩根大通指出，Strategy(MSTR.US)的股价已充分反映被MSCI等主流指数剔除的风 险，指数编制公司MSCI即将公布的决定反而可能成为该股股价的上涨催化剂，即使该股被剔除仍会引 发被动资金外流。 据悉，MSCI正考虑将持有比特币或其他数字资产作为库藏资产的公司排除在其指数之外，并已就此事 征求投资界意见。MSCI表示："MSCI提议，将数字资产持仓占总资产50%及以上的公司，从MSCI全球 可投资市场指数系列中剔除。"此次意见征询期将持续至12月31日，最终决定将于2026年1月15日前公 布。 Strategy首席执行官Phong Le周二表示，已启动与MSCI的"沟 ...