Strategy Is Prepared for $75K or $25K BTC amid S&P 500 Exclusion

Strategy calmed investors after another exclusion from the S&P 500 Index and said that its balance sheet remains solid even as Bitcoin BTC $86 903 24h volatility: 0.3% Market cap: $1.73 T Vol. 24h: $63.09 B crashed to $80,000 not long ago.

In a post on X, the company said its Bitcoin reserves, 649,870 BTC worth roughly $56 billion at current prices, continue to far exceed its debt load, despite a difficult quarter for both the asset and the company’s stock.

All is Good, Strategy Claims

At a Bitcoin price of $74,000, which is close to Strategy’s average cost basis, the company calculates that its holdings would still cover its $8.214 billion in convertible notes by 5.9 times.

Strategy calls this metric the “BTC Rating” which remains one of the firm’s main tools for communicating solvency to the market. Even at $25,000 per Bitcoin, Strategy says the coverage would stand at 2 times, uncomfortable, but well above the point at which repayment risk typically escalates.

The company’s full capital stack, including preferred stock series STRF, STRC, STRE, STRK, and STRD, brings total obligations to about $15.993 billion. Data from the firm’s dashboard shows long-dated notes stretching out to 2032, with BTC coverage multiples ranging from roughly 56× at the short end of the maturity curve to around 7× for later obligations.

Strategy full capital stack | Source: SoSoValue

Strategy said the figures confirm that even with the volatility, Bitcoin’s current valuation provides more than enough cushion.

MSCI’s Exclusion of Strategy

MSCI is preparing a January 2026 review that could remove companies whose crypto holdings make up more than half their total assets. Strategy fits squarely into that category. JPMorgan estimates that if the decision goes against it, index-linked funds may be forced to unwind as much as $8.8 billion in exposure.

Moreover, the company also recently failed to get included in the S&P 500 as well. Crypto investors claim that financial institutions like JPMorgan have actively worked to stop the growth of Strategy and other Bitcoin-heavy firms.

The claims remain unproven, but gained traction after reports of delayed transfers, frozen share settlements, and abrupt account closures involving crypto executives surfaced.

Bitcoin Purchase Halt

Researchers have pointed out that while the company holds 3.26% of all Bitcoin that will ever exist, it has only about $54 million in cash and more than $700 million in preferred dividend obligations each year.

The firm paused its weekly Bitcoin purchases as well and broke a six-week streak. Executive Chairman Michael Saylor, who usually previews buys each Sunday and confirms them the following morning, remained silent this week.

Nevertheless, the company said that whether Bitcoin trades at $75K, slips toward $25K, or moves back toward previous highs, the balance sheet still shows substantially more assets than obligations.

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