Quick Read
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Saylor posted his Bitcoin purchase chart on X just 10 days before MSCI decides whether Strategy exits its global indexes, pressuring MSTR shares.
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Strategy's dividend costs tripled to $420 million in Q3 while BTC Yield turned negative 3.7%, meaning each share now holds less Bitcoin than a year ago.
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An MSCI exit won't legally force Strategy to sell its 848,517 BTC, but a weaker MSTR stock could make Bitcoin sales necessary to cover dividends.
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Michael Saylor, the executive chairman of Strategy Inc.( NASDAQ: MSTR ), shared his purchase chart on X on November 1, 2026. This move often signals that another Bitcoin(CRYPTO: BTC) buy is coming. This hint comes just 10 days before MSCI's decision on whether to include Strategy Inc. in its global stock indexes. On November 11, MSCI( NYSE: MSCI ) will announce its final list of companies that are exiting its indexes, and previous simulations indicated that Strategy Inc. might be on that list.
Strategy Inc. held 848,517 BTC valued at around $66 billion as of October 25. However, this year, the company sold about $432 million worth of Bitcoin to cover preferred dividends and repurchase STRC preferred stock. Saylor said in comments reported on October 31 that the company can raise up to $30 billion in "digital credit," which refers to its preferred stock, to finance additional purchases.
The company's stock has been under pressure, falling faster than its Bitcoin holdings. On October 30, MSTR closed at approximately $131, down 7.8% for the day and 14.8% over the past month. Meanwhile, Bitcoin trades at $78,050 as of November 1, up 0.7% over 24 hours but down 7.8% over 30 days.
Strategy's Profit Comes From Bitcoin as Dividend Costs Climb
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While Strategy Inc. still sells analytics software under the MicroStrategy brand, its third-quarter (Q3) results show this segment is relatively small. Software revenue dipped 2.5% from the previous year to $125 million, missing the $129 million forecast.
Strategy Inc.'s main profits come from Bitcoin. The company values its holdings at current market prices, and a $20.9 billion gain from Bitcoin contributed significantly, boosting Q3 net income to $19.5 billion after net losses of $12.5 billion in Q1 and $8.2 billion in Q2.
To fund its Bitcoin purchases, Strategy Inc. has raised $21.2 billion this year and spent $14.3 billion on Bitcoin. Currently, it has $16 billion in preferred stock outstanding, with the main issue (STRC) offering a 12% annual dividend but trading below the $100 face value the company aims to restore.
Dividends have become a significant financial burden, rising to $420 million in Q3 from $140 million a year earlier. The company holds $5.1 billion in cash-like assets, which management states will cover dividends and interest for 3.4 years. However, the BTC Yield, which tracks the amount of Bitcoin backing each share, is negative 3.7% this year, indicating each share now holds less Bitcoin than it did at the beginning of the year.
Can Strategy Still Fund Another Big Bitcoin Buy?
Saylor's posts are just indications of a possible purchase; the actual size and funding are revealed in the 8-K report that Strategy Inc. submits to the SEC afterward. The previous report, released in mid-October, indicated a purchase of just 250 Bitcoin.
Funding remains a crucial challenge. Saylor mentioned in February that Strategy Inc. doesn't sell MSTR when the stock is weak or when STRC trades below $100. Since MSTR has declined by 48.7% over the past year and STRC is below $100, these funding routes appear limited, making the $30 billion figure more of an upper limit than a guarantee.
Will the MSCI Decision Force Strategy to Sell Bitcoin?
An MSCI exit wouldn't automatically require the company to sell its Bitcoin. While index funds would need to divest from MSTR if the company is removed from the MSCI indexes, the company itself isn't compelled to sell its Bitcoin. The $5.1 billion cash buffer gives Strategy Inc. some time, and Saylor mentioned earlier that its financing agreements do not force a sale if Bitcoin prices fall below the company's average purchase price.
That said, if Strategy Inc. needs cash, selling Bitcoin is one option. CEO Phong Le said in February that selling Bitcoin is one way to raise funds, and the company's $432 million in Bitcoin sales this year shows management is already using this strategy. A decline in MSTR's stock price following an MSCI exit would make new share sales more dilutive for existing shareholders. In that scenario, selling Bitcoin could become necessary to cover dividend payments.
For Bitcoin, the bigger concern is losing a consistent buyer. Strategy Inc. financed a significant portion of its $14.3 billion Bitcoin purchases this year by selling stock. A weakened stock price could hinder its ability to raise funds. Although some investors worry about a fire sale of all 848,517 BTC, the outcome depends on a mix of market conditions and the company's strategy going forward.
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