Strategy Buys $217 Million More In Bitcoin After S&P 500 Snub
News Summary
On September 8, 2025, Strategy Inc. (formerly MicroStrategy) announced it acquired an additional 1,955 BTC for $217.4 million at an average price of $111,196 per coin. This purchase occurred just days after the company was passed over for S&P 500 inclusion, with Robinhood taking the spot instead. Strategy now holds a substantial 638,460 BTC, valued at approximately $71.5 billion at current prices, solidifying its position as the world's largest public corporate Bitcoin holder. According to its Form 8-K filing, the company has achieved a 25.8% BTC Yield year-to-date 2025. The acquisition was funded through its at-the-market offering programs, selling 591,606 common shares for $200.5 million in net proceeds, alongside $16.9 million from preferred stock sales. QCP Capital noted Bitcoin's resilience in maintaining levels above $110,000 "despite Strategy's exclusion from the S&P500." Other entities, such as Japan's Metaplanet Inc. and El Salvador, are also continuing to accumulate Bitcoin. Notably, a recent 8-K filing from Strategy hinted that the firm could liquidate coins if market or debt conditions sour.
Background
Strategy Inc. (formerly MicroStrategy) is well-known for its aggressive Bitcoin (BTC) acquisition strategy, led by CEO Michael Saylor. Since 2020, the company has consistently converted its corporate treasury into Bitcoin, adhering to a "never-sell" pledge, making it the world's largest public corporate Bitcoin holder and profoundly influencing corporate attitudes toward digital assets. Inclusion in the S&P 500 index, a key benchmark for U.S. large-cap equities, signifies broad market acceptance, increased liquidity, and institutional investment. Robinhood's inclusion and Strategy's exclusion likely reflect traditional index committees' preference for broader market metrics and profitability over a pure-play asset holding strategy when evaluating companies with highly concentrated crypto exposure. The ongoing appreciation of Bitcoin's price during 2025, evidenced by the article's mention of prices above $110,000 and a 25.8% year-to-date yield, provides a favorable market backdrop for Strategy's investment approach.
In-Depth AI Insights
What does Strategy's continued aggressive Bitcoin accumulation signal about its long-term corporate strategy, especially after the S&P 500 snub? - This reinforces Saylor's deep conviction in Bitcoin as the primary treasury asset, indicating the company prioritizes its Bitcoin strategy over traditional equity market validation. - The company demonstrates detachment from traditional equity market validation, such as S&P 500 inclusion, possibly aiming to attract a specific investor base focused on crypto exposure rather than traditional index tracking. - It could also be a strategic move to leverage a potentially lower equity valuation post-snub to acquire more BTC at what they perceive as a discount. How might the S&P 500's decision to exclude Strategy, despite its significant market cap and Bitcoin yield, influence broader institutional perception and adoption of Bitcoin as a corporate treasury asset? - This highlights a continued cautious stance from traditional financial benchmarks towards highly concentrated crypto-exposed companies, suggesting a preference for broader market metrics, profitability, and perhaps lower volatility. - The exclusion could create a two-tiered market where "traditional" companies (like Robinhood) gain index recognition, while "crypto-native" companies (like Strategy) remain in a separate, albeit large, investment category. - It limits passive fund flows into Strategy, potentially slowing broader institutional adoption of similar treasury strategies. Given the 8-K filing hinting at potential Bitcoin liquidation, what implicit risks and strategic flexibility is Strategy signaling to the market? - Despite the "never-sell" pledge, the 8-K filing reveals that in extreme market or debt conditions, the company retains the ultimate option to liquidate Bitcoin, providing a prudent degree of future operational flexibility. - This disclosure might aim to balance its aggressive Bitcoin strategy with potential financial responsibilities, assuring investors of an exit mechanism in an emergency and thus managing risk perception to some extent. - While potentially seen as a deviation from its core commitment, it also reflects the practical necessity of managing substantial assets in a highly volatile market and could provide a lifeline for the company in severely adverse scenarios.