Points of Focus

• Strategy showcases strength, says its 649,870 BTC stash can fund dividends for 71 years.
• MSCI warns it may remove Strategy from major equity indices.
• Strategy passed over for the S&P 500 eligibility. 

Strategy is leaning on its massive Bitcoin treasury to reassure investors just as the company faces potential removal from major global equity indices. According to the company, its BTC holdings ensure  “71 years of dividend coverage.”

Bitcoin holdings will service 71 years of dividend payouts

The company, which holds 649,870 BTC worth roughly $56 billion at a Bitcoin price of $87,000, says a full liquidation of its BTC reserves would be enough to fund:

• $700 million in annual dividends, and
• $8.2 billion in total debt obligations.

Executives showcased these figures on the firm’s internal credit dashboard, a move aimed at countering investor concerns following Bitcoin’s pullback from above $93,000.

At current $BTC levels, we have 71 years of dividend coverage assuming the price stays flat. And any $BTC appreciation beyond 1.41% a year fully offsets our annual dividend obligations. pic.twitter.com/ohN9dctpyv

— Strategy (@Strategy) November 20, 2025

According to the company’s model:

• Even 1.41% annual BTC appreciation would fully offset all dividend obligations without touching principal.
• At today’s prices, the reserves offer 71 years of dividend coverage even if Bitcoin stays flat.

Supporters argue this positions Strategy with a uniquely strong asset base, while critics caution that the company’s financial profile remains heavily dependent on Bitcoin’s price trajectory.

This claim is as stupid as it sounds. If you sell any BTC, it will trigger a massive MSTR sell-off with an absolute dump on your preferred stock as well. You think people will sit and see how you burn "Bitcoins" to pay dividends?

— Daniel Muvdi (@DanielMuvdiYT) November 21, 2025

J.P. Morgan flags major index risk ahead of January MSCI decision

BREAKING: Michael Saylor’s ‘Strategy’ stock set to be DELISTED from the Nasdaq 100 and MSCI USA.

The stock is deep underwater from its BTC investments, having dropped over -57% from its peak, and no longer meets the indexes’ minimum size and performance requirements. pic.twitter.com/WKTxeUrsIF

— SwanDesk (@SwanDesk) November 21, 2025

While Strategy stresses the strength of its Bitcoin-backed balance sheet, J.P. Morgan warns the company is “at risk of exclusion from major equity indices” as Morgan Stanley Capital International (MSCI)’s January decision approaches.

$MSTR – JPM says MicroStrategy "at risk of exclusion from major equity indices as the January MSCI decision approaches."

"With MSCI now considering removing MicroStrategy and other digital asset treasury companies from its equity indices…outflows could amount to $2.8bn if… pic.twitter.com/gMqlYtcZII

— matthew sigel, recovering CFA (@matthew_sigel) November 20, 2025

In addition, MSCI is reviewing whether to remove Strategy, along with other companies categorized as digital asset treasury vehicles, from its global equity benchmarks.

J.P. Morgan estimates:

• $2.8 billion in passive outflows if Strategy is removed from MSCI indices, and
• Up to $8.8 billion in outflows if other index providers follow MSCI’s approach.

Strategy is currently included in indices such as the Nasdaq-100, MSCI USA, and MSCI World, with roughly $9 billion held passively through ETFs and mutual funds benchmarked to these indices.

A convergence of balance-sheet strength and index-provider scrutiny

Strategy’s position in the index landscape is increasingly under pressure. Despite meeting key eligibility thresholds earlier this year, the company was not added to the S&P 500, while Robinhood Markets (HOOD) secured inclusion, a decision that underscored index committees’ discomfort with Strategy’s identity as a Bitcoin-heavy treasury vehicle rather than a traditional software company.

The firm continues to highlight its BTC credit dashboard, including 6.9x BTC-rated coverage and long-dated convertible debt, as evidence of exceptional balance-sheet resilience. But index providers appear more focused on classification risk than collateral strength.

However, as Bitcoin volatility remains elevated and global index committees re-evaluate how to treat companies whose valuations are overwhelmingly tied to digital assets, Strategy now faces one of the most consequential index decisions in its history – even as it continues to emphasize the depth and durability of its Bitcoin-backed balance sheet.