The market surpasses the magic formula of strategies and strategies that own 3% of the world's bitcoins.|Cryptocurrencies |Five days

Crypto currency declines and stock market falls call into question the model of subscriptions and infinite growth. It has a lower value than assets already in the portfolio and may be removed from the benchmark index

The market subverts the magic strategyThe company owns 3% of the world's bitcoin.

The fall of crypto and the collapse of its assets called into question the model of the product and the limitation of profit.It is worth less than the assets it holds in its portfolio, and can be excluded from the index.

On December 19, 2013, the strategy's founder, Michael Saylor X, wrote: "Bitcoin's days are numbered. It seems only a matter of time before it hits the same level as online gambling."With the wrath of the converted, he quickly built a crypto-currency cred: he turned his company, a medium-sized software company, into a machine for buying cryptocurrencies, with the money he earned and borrowed.The strategy was worth $1.195 billion in 2020 and $50 billion today, and Saylor is one of the most powerful voices in the industry.Today, with 649,870 bitcoins on the balance sheet ($59.5 billion in weight), the company appears to be at the bottom of an all-or-nothing abyss.

The concept is the world's most face of Bitcoins only the creator of this world, and the investment product that will represent others: He controls 3 of the bitcoins in the world.Now he is on a tightrope, and his problems go beyond the price of cryptocigries in his resources of assets himself calling into question his own model.Only two have predictions about its entry into the S & P 500 months ago. Now the debate is different: will they be in the big characters?Is it possible that the broken structure has survived?

La fórmula es sofisticada, pero sencilla en el fondo. La compañía compra bitcoins, cuya cotización sube, por lo que Strategy también escala en Bolsa. Así, la empresa puede vender deuda (convertible en acciones) con tipos de interés muy bajos, con la que compra más bitcoins y retroalimenta el ciclo; la propia revalorización de Strategy (más de un 3.000% entre finales de 2019 y noviembre de 2024) atrae a inversores en busca de altas rentabilidades y exposición a bitcoin. Durante años esta estrategia funcionó tan bien que sus acciones llegaron a valer dos o tres veces más que los activos que representaban (el negocio original es residual), lo que alimentaba nuevas subidas, abría el apetito del mercado y permitía seguir comprando más y más activos. La empresa llegó a valer 127.000 millones de dólares, o 109.000 millones de euros, un cuento de la lechera hecho realidad.

Precisamente por eso los problemas de Strategy ahora van más allá de la caída del bitcoin, que obviamente hace valer menos la cartera de criptos; la fórmula mágica depende totalmente de su cotización en Bolsa. Necesita que siga entrando dinero de inversores tanto para comprar bitcoin como para pagar los vencimientos de deuda; es decir, la rueda no puede parar de girar. Este modelo tan exitoso, que ha llevado a Strategy a la elite empresarial en índices como el Nasdaq 100, MSCI USA y MSCI World puede morir de éxito. Su acción no solo ha atraído a más y más inversores o fondos cotizados (ETF) que rastrean directamente estos índices; también ha creado una industria: la de las tesoreras cripto. Réplicas de Strategy, cuya proliferación ha puesto en guardia a los creadores de índices.

MSCI, the operator of some of the world's most relevant indices, has launched a consultation on how to view these companies and what to do with them.In essence, as indirect investment tools for portfolio managers or investors seeking exposure to Bitcoin, they are similar to investment funds, which cannot be correlated to these indices.That's why they propose excluding companies whose cryptocurrency holdings represent at least 50% of their total assets from the MSCI.The decision will be announced on January 15 and any changes will be implemented in an index review in February.

It would be a severe blow to the company: JP Morgan analysts estimate that about 9 billion of the strategy's capital is related to passive positions in ETFs and mutual funds.If it goes down, its valuation can suffer a lot of pressure, as the forced sales are concentrated in a very specific period, warns Javier Caballero, Andbank's options fund advisor.According to JP Morgan, removing the company from MSCI could be an exit.2.8 billion dollars, and 8.8 billion dollars if the other indices decide to go down, according to JP Morgan.In a post earlier today, Saylor himself confirmed that his company is the "closest thing" to a bitcoin fund.

A response to the MSCI index

- Michael Syrior (@saylor) 21 Nov. 2025

The Strategy is not a fund, trust or holding company.We are a $500 million software business and publicly traded operating company with a unique financing strategy that uses Bitcoin as productive capital.

Just this year we completed...

Although the active manager is not obliged to follow the beautiful changes, it will send a depressing signal to other investors about the ability and ability to start students and the ability in the future to return capital.KTawat was only possibly used to earn bitcoins: it issued 8.2 billion in convertible bonds with a minimal coupon (0.4% that must be paid. The first will be in September 2028. It also has 7.8 billion in preference shares without payment, but which pay a high coupon of 10%. "The extended payment period and low prices can revive or more expensively revive this extended payment power and low prices forto revive or more expensive.even sell assitas in bad times", Wigns Javier. There is no easy solution for the company and almost no income: if it loses its access to the market, the debt will become more expensive. And if it sells bitcoins, it will be a very bad sign.

Some companies that focused on capturing cryptocurrency have betrayed the fundamental principles of this model and started to get rid of it.Sequence Communications, a semiconductor company that deposits bitcoins, sold 30% of its holdings in early November to reduce its revolving debt.He sold $40 million worth of cryptocurrency.Saylor, for now, won't.His beliefs and mission are unwavering.But it will be the market that will have the last word.

JP Morgan's critics will see that there is a way to trade low and the liquidity will feel attractive." Part of the strategy's success is due to the fact that for many years it was the only way to move into Bitcoin. But the other possibilities are endless. The market is full of companies creating strategies and their ETFs that track their value. This has added to the fact that it continues to reduce the attractiveness of the stock and increase the supply down.the pitcher rocks.