# Strategy Raises $58.7 Million From Stock Sales as MSCI Review Nears By John Kim Canonical URL: https://www.tokenpost.com/news/business/44716 Published: 2026-10-30T13:32:48.000Z Updated: 2026-10-30T13:32:48.000Z Section: Business > Strategy held 848,517 Bitcoin (BTC) as of Oct. 25, while MSCI’s final list of potentially affected companies is due Nov. 11. Strategy’s latest financing figures add fresh context to MSCI’s pending index review, showing $58.7 million in net at-the-market proceeds and highlighting an equity funding channel that could face changes in index-linked demand. Strategy held 848,517 Bitcoin (BTC) as of Oct. 25 and raised about $58.7 million in net proceeds from at-the-market offerings between Oct. 1 and 23. The figures add a current measure of the company’s equity financing as its index eligibility comes under review. In the week ended Oct. 18, Strategy sold 140,872 shares of its Class A common stock (MSTR) for $22 million in net proceeds. It bought 267 BTC for $22.1 million at an average price of $82,900 per coin. Share-sale proceeds funded $22 million of the purchase, with cash covering the remaining $100,000. The transaction illustrates [Strategy’s share-funded Bitcoin buying](), a financing channel that could be affected by changes in demand for its stock. MSCI adopted new eligibility rules Oct. 15 for companies it classifies as non-operating. It first evaluates whether a company has substantial operating assets. Companies that fail that test are assessed using five non-industry-specific financial ratios and are ineligible if flagged on at least four. Existing constituents can be removed only after failing the screen in both of their two most recent annual filing periods. MSCI may also consider a company’s latest interim filing. Strategy appears on MSCI’s potential-impact list alongside Metaplanet, Yellow Cake, Skel Fjarfestingafelag and Upexi. The list uses financial information as of Sept. 30 and market capitalization data as of Oct. 9. Inclusion indicates a potential action, not a confirmed removal. Strategy disputes the framework, arguing that MSCI’s “operating” and “non-operating” labels lack a basis in U.S. generally accepted accounting principles, international financial reporting standards or a recognized legal framework. The company describes its Bitcoin business as an operating segment under U.S. GAAP. Strategy also estimates that MSCI GIMI-linked funds hold about 13 million MSTR shares, equal to 3.1% of its basic shares and about 60% of its 30-day average daily volume. A change in index eligibility could affect demand for MSTR shares, which Strategy has used to finance Bitcoin purchases. The potential-impact list does not establish what index-linked investors will sell or require Strategy to sell Bitcoin. MSCI is scheduled to publish its final list Nov. 11, with any changes taking effect at the close of Nov. 30. ## Links in this article - [Strategy’s share-funded Bitcoin buying](https://www.tokenpost.com/news/business/35731)