Strategy sold bitcoins for $432 million. November 11 MSCI ruling

Strategy reported in its third quarter report that since the beginning of 2026 it has sold bitcoins for approximately $432 million. The money went towards part of the preferred stock dividends and STRC stock buybacks.

The quarter ended with a net profit of USD 19.53 billion. Almost all of the result is profit from the valuation of bitcoins, not from the company’s operations.

On November 11, MSCI will publish a list of companies to be removed from the indexes. Strategy is among the candidates, the changes will come into force after the session on November 30.

Strategy, the largest listed holder of bitcoin, published its results for the third quarter of 2026 on October 29. One sentence from the announcement attracts the most attention: since the beginning of the year, the company has sold bitcoins for approximately $431.8 million. In less than two weeks, MSCI will decide whether Strategy shares will remain in its indexes.

What did the report for the third quarter show?

According to Strategy’s announcement filed with the SEC, operating profit in the quarter ending September 30 was $20.91 billion, up from $3.89 billion a year earlier. Net profit is $19.53 billion.

These numbers do not come from software sales. Revenue fell 3% year-over-year to $125.4 million. The operating result includes a bitcoin valuation gain of $20.91 billion. From 2025, the company values coins at the current rate and shows any change in value in the result. When the rate falls, the same principle results in a loss.

Other data from the report:

bitcoins in possession: approx. 848,517 BTC (as of October 25),

BTC Yield since the beginning of the year: minus 3.7%, i.e. there is less bitcoin per share than in January,

reserve in dollars: $4.83 billion. Together with cash, the company says the $242.4 million is enough to cover about 3.4 years of preferred stock dividends and debt interest.

Why Strategy sells Bitcoin

The company states directly: the sale financed part of the dividends from preferred shares and the purchase of STRC shares. STRC (Stretch) is a preferred stock with a regular cash dividend, not regular MSTR stock. During the week of October 19-25, Strategy did not buy any bitcoin, but allocated $204.9 million to repurchase STRC shares.

Negative BTC Yield and coin sales show that the company’s model is changing. For years, Strategy has issued equity and debt to buy bitcoin. Now he covers part of his liabilities to holders of preferred shares with the sale of BTC, although compared to the stock of over 848,000. coins is a small amount.

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November 11 MSCI list

In October, MSCI adopted a test that aims to screen out companies without large operating assets from its indexes. The mechanism is described in the text Strategy may be removed from MSCI indexes. In short: the test has two stages, and a company already included in the index only drops out if it fails it in both last annual reporting periods.

The list will be released on November 11, and the changes will take effect after the close of trading on November 30, CoinDesk reports. JPMorgan analysts estimated in November 2025 that exclusion by MSCI would result in an outflow of approximately USD 2.8 billion from Strategy shares. The estimate assumed Strategy’s market value of around $50 billion, as The Block wrote at the time.

The October 29 announcement does not mention MSCI. The sale by index funds would affect Strategy shares, not bitcoin itself, notes CoinDesk.

What does this mean to you

If you have Bitcoin, MSCI’s decision does not force anyone to sell their coins. Applies to Strategy shares. The signal comes from another direction: the largest corporate buyer has not made any purchases for weeks, and covers part of the expenses by selling BTC. You can follow the bitcoin rate on the bitcoin rate website.

If you have a fund for a broad share index, for example MSCI World or ACWI, a possible exclusion means that the fund itself will sell Strategy shares when the index is rebuilt. You don’t have to do anything. How such funds work is explained in the ETF text, what it is and how it works.

If you hold MSTR shares, expect greater price fluctuations around November 11 and 30.