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Bitcoin treasury news and analysis from LC Insight: 4 stories, newest first.
64 of 90 bitcoin treasury companies are below cost at $72,857, Strategy by $2.21 billion
At $72,857 a coin, the public companies that report what they paid for bitcoin hold $3.01 billion less than they spent, CoinGecko's treasury tracker shows. Ether holders look worse: 14 of 15 are under water.
MSCI cuts Strategy, owner of 850,364 bitcoin, from its USA index after November 30
MSCI's November review list names "Strategy A" among 24 deletions from the MSCI USA Index. Funds that copy the index will have to sell the stock by the close of November 30.
Strategy booked a record $20.9 billion profit. So why did it sell $432 million of bitcoin?
The biggest corporate bitcoin holder had its best quarter ever on paper. But each share is now backed by 3.7% less bitcoin than in January, it spent $2 billion propping up its own preferred stock, and its CFO is leaving.
Strategy could be dropped from MSCI's indexes. The final list lands November 11
MSCI has finalized a test that can remove "non-operating" companies, including crypto treasury firms, from its global indexes. In MSCI's own trial run, Strategy and Metaplanet were flagged for deletion, and losing index status means losing automatic buying from passive funds.