Story perspectives

Strategy Faces Crisis Amid Falling Crypto Prices and Debt

11/26/2025

Summary

Story summary

Strategy, formerly MicroStrategy, trades below net asset value and relies on issuing shares to buy bitcoin, a model now jeopardized by faltering crypto prices.
The company carries about $8 billion in convertible debt and $700 million in annual preferred stock dividends, straining cash flow.
An upcoming MSCI index review could remove Strategy from the index, triggering forced selling by passive investors and depressing the stock price, according to Michael Saylor.

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Story summary

Strategy, formerly MicroStrategy, trades below net asset value and relies on issuing shares to buy bitcoin, a model now jeopardized by faltering crypto prices.
The company carries about $8 billion in convertible debt and $700 million in annual preferred stock dividends, straining cash flow.
An upcoming MSCI index review could remove Strategy from the index, triggering forced selling by passive investors and depressing the stock price, according to Michael Saylor.