Micro-Strategy: Strategy’s current holdings of 650,000 BTC can support dividends for 71 years
Strategy (micro-strategy) claimed that the 650,000 Bitcoins it holds can support 71 years of dividends at the current value, trying to ease market doubts.
(Preliminary summary: Michael Saylor responded to "Micro-strategy may be removed from the MSCI index": Our Bitcoin business is unique and the index classification cannot be defined)
(Background supplement: JPMorgan Chase warned: If micro-strategy is removed from MSCI, it may trigger a $11.6 billion selling pressure on index funds)
MicroStrategy (formerly MicroStrategy), the listed company that holds the largest number of Bitcoins in the world, has recently fallen to 82,000 US dollars (a new low since April this year), the stock price has plummeted nearly 40% in the past month, and market concerns have returned.
In this regard, Strategy released a dashboard earlier than the X platform claiming:
At the current Bitcoin price level, assuming the price remains unchanged, we have enough funds to pay dividends in 71 years. Any increase in the price of Bitcoin in excess of 1.41% per year would completely offset our annual dividend payment obligations.
This structure is different from the traditional "dividend distribution based on operating cash flow" model. Strategy directly binds the source of profits to the appreciation of Bitcoin on the balance sheet. As long as the currency price remains high, dividends can theoretically continue to flow out, and the principal does not even need to be used.
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
Low threshold and high risk coexist
Although Strategy It's simple to say, but the company still has three major risks:
First, Bitcoin must remain liquid and available for sale at any time
Second, tax and regulatory costs can be ignored
Third, the price will not retrace significantly.
Strategy fully binds corporate value and shareholder returns to Bitcoin trends. For investors, buying the company is equivalent to participating in a highly leveraged long-term bet on Bitcoin; when mNAV appears at a discount, this bet may seem cost-effective, but whether investors can remain calm when encountering a bear market is another matter...
Strategy may be expelled from the MSCI USA Index
On the other hand, according to the latest report released by JPMorgan Chase on November 20, Strategy may be expelled from the MSCI USA Index, Nasdaq 100 and other mainstream equity indexes.
Strategy founder Michael Saylor posted a response on the X platform on the 21st. He emphasized: "Strategy is not a fund, a trust, or a holding company. We are a truly publicly traded operating company with a US$500 million software business, and use Bitcoin as 'productive capital.'"
Saylor further pointed out that since this year, Strategy has completed five public offerings of digital credit securities ($STRK, $STRF, $STRD, $STRC, $STRE), with a total nominal amount of more than 77 billion, and launched the world's first Bitcoin-guaranteed treasury bond instrument "Stretch ($STRC)", which can provide investors with monthly floating dollar income.
He emphasized that these innovations are things that funds, trusts or pure holding companies can never do. Saylor made a harsh statement at the end of the post: "Index classification cannot define us. Our strategy is long-term, our belief in Bitcoin is unwavering, and our mission remains unchanged - to build the world's first digital currency institution based on sound monetary and financial innovation."
Response to MSCI Index Matter
Strategy is not a fund, not a trust, and not a holding company. We’re a publicly traded operating company with a $500 million software business and a unique treasury strategy that uses Bitcoin as productive capital.
This year alone, we’ve completed…
— Michael Saylor (@saylor) November 21, 2025
