Strategy spent more than twice as much on preferred-share buybacks as Bitcoin. Now comes its MSCI exit

MSCI has scheduled Strategy’s removal from the MSCI USA Index for the November 30 close, putting a date on a financing test for the Bitcoin treasury company. MSTR common-stock sales recently funded both Bitcoin purchases and a larger preferred-share buyback. During November 2–8, Strategy allocated $188 million of common-stock proceeds to STRC preferred-share repurchases and $82 million to Bitcoin purchases. The competition for that money makes future MSTR fundraising central to how quickly the company can keep adding Bitcoin. The November 11 review lists STRATEGY A among the MSCI USA deletions. MSCI’s final-impact announcement applies its non-operating-company methodology in the November review. Existing constituents must fail the ineligibility screen in each of their two most recent annual filing periods; MSCI may also consider the latest interim filing.

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