Michael Saylor is doubling down on his high-stakes treasury strategy. In a move that has become a familiar ritual for crypto observers, the Strategy Inc. (formerly MicroStrategy) Executive Chairman posted a cryptic "Green Dots ₿eget Orange Dots" teaser on X this past weekend. Historically, these posts serve as a precursor to Monday morning SEC filings confirming massive Bitcoin acquisitions.
If a new purchase is confirmed, it will bolster a balance sheet that is already unprecedented in the corporate world. Strategy Inc. currently controls:
Despite the aggressive accumulation, 2025 has been a grueling year for the company’s equity. MSTR shares have plunged roughly 43% year-to-date, currently trading near $165. This decline outpaces Bitcoin’s own 30% retreat from its $126,000 October peak, suggesting that the "leveraged proxy" status of the stock is currently working against it.
The most significant headwind isn't market volatility, but a looming structural change. MSCI is reviewing whether Strategy Inc. still qualifies as an "operating company" or if it has transitioned into an investment vehicle.
An exclusion from MSCI indices in February could be catastrophic for the stock price. JPMorgan analysts estimate that such a move would trigger $11.6 billion in forced selling from passive ETFs and index-tracking funds.
Strategy Inc. has labeled the MSCI proposal "arbitrary and discriminatory," arguing that the index provider is unfairly targeting digital asset firms. The company maintains that its structure is no different from other conglomerates with heavy financial holdings and warns that de-listing would stifle financial innovation and conflict with broader U.S. policy objectives.
December 2025, Cryptoniteuae