Stocks

MicroStrategy will not be compelled to liquidate its Bitcoin holdings even if removed from MSCI indexes, according to Matt Hougan, Chief Investment Officer at Bitwise. The company holds $60 billion in Bitcoin and $1.4 billion in cash, with no debt conversion scheduled until February 2027. Hougan emphasized that no mechanism exists to force cryptocurrency sales simply because the stock price falls below net asset value.

Strategy Inc. has transferred 11,642 Bitcoin valued at approximately $1 billion to Fidelity's custody services, bringing its total deposits with the asset manager to roughly 177,351 BTC worth around $16.5 billion. Mizuho Financial Group maintained its buy rating on Strategy with a $484 price target. Analyst James E. Thorne identified the stock's approach to its rising 200-week moving average as a potential entry point.

Bitcoin recovered from $86,286 on December 2 to $93,324, gaining 8%, while American Bitcoin (ABTC) shares dropped as much as 50% intraday. The divergence reflects different catalysts: Bitcoin benefited from improved macroeconomic conditions and Vanguard's expanded crypto ETF access. ABTC suffered from a lock-up expiry that flooded the market with previously restricted shares.

Franklin Templeton has received NYSE Arca approval to list its Solana exchange-traded fund, SOEZ, becoming the seventh Solana ETF available to U.S. investors. The approval coincided with a 17% price surge in SOL. SOEZ will track the CF Benchmarks Solana Index and aims to generate staking rewards on up to 100% of its holdings, net of expenses and liabilities.

Strategy, the world's largest corporate Bitcoin holder, is lobbying MSCI to prevent exclusion from major indices ahead of a January 15 decision. MSCI is reviewing whether companies primarily focused on cryptocurrency acquisition should be treated as ineligible investment funds. JPMorgan estimates that exclusion could trigger between $2.8 billion and $8.8 billion in forced outflows from passive funds tracking MSCI indices.

Strategy's management has disclosed that Bitcoin holdings may be sold if balance-sheet conditions deteriorate, departing from its accumulation-only approach. The statement comes as MSCI conducts a consultation on index treatment of firms with digital asset exposure, with feedback due by January 2026. Bitcoin traded near $92,000, up approximately 5% over 24 hours.

Three companies have positioned themselves as leading candidates for S&P 500 inclusion as the index prepares its quarterly rebalance announcement Friday after market close. Ares Management Corporation oversees $596 billion in assets across credit, real estate, and private equity. Vertiv Holdings recorded 60% organic order growth in Q3 driven by data center demand, while AppLovin has surged 92% year-to-date despite facing regulatory scrutiny.

Strategy Inc. has overtaken Standard Chartered in market capitalization, with its valuation reaching approximately $52–53 billion compared to the bank's $51 billion. MSCI is conducting a review of Strategy's inclusion in its equity indices, driven by concerns about the company's substantial Bitcoin exposure. A decision could be announced as early as January, according to JPMorgan analysts.

Strategy chairman Michael Saylor has initiated direct engagement with MSCI as the index provider considers excluding the company from its indices, with a final determination scheduled for January 15, 2026. Removal from MSCI indices could trigger outflows of approximately $2.8 billion, according to JPMorgan analysis. Strategy's shares have declined 37% this year, and the company warned it could face a $5.5 billion loss in 2025 if Bitcoin fails to recover before year-end.

Franklin Templeton's Solana exchange-traded fund received listing approval from NYSE Arca, completing the final regulatory step before trading commences. The fund will trade under ticker SOEZ and track the CF Benchmarks Solana Index. Solana traded at $141.57 with a 10.30% daily gain following the approval.