Buy another 1 billion of Bitcoin! If MSCI waves its knife to remove on January 15, Strategy (MSTR.US) may face the largest passive sell-off in history.

Michael Saylor's Strategy (MSTR.US) has once again invested nearly $1 billion in Bitcoin for the second consecutive week, taking advantage of the drop in cryptocurrency prices to increase their position. According to regulatory filings submitted on Monday, Strategy spent $980.3 million buying Bitcoin from December 8th to 14th, marking the largest single-week purchase since July and their second consecutive week of acquiring over 10,000 Bitcoins - a pace not seen since January. The main source of funding for this latest round of acquisitions was the issuance of Class A common stock by the company. Critics have pointed out that the continuous issuance of new shares will dilute existing shareholder equity and weaken the company's stock price relative to its current holdings of approximately $59 billion in Bitcoin assets, which previously enjoyed a higher premium. It is worth noting that the Virginia-based company also supplemented their acquisition efforts by selling three of the four classes of perpetual preferred shares to raise additional funds. On Monday, Strategy's stock price fell over 8% to $162.08 in New York, while Bitcoin briefly dropped 3.7% to $85,171 before rebounding to above $86,000 in early Asian trading, still down by about 30% from its all-time high of $126,000 in early October. Saylor stated on Monday, "My company is built for Bitcoin maximalists. Only those who believe in Bitcoin's ability to win and rise by 30% each year will buy my stock." Despite previous speculation in the market that Strategy may be removed from key indices, the Nasdaq 100 decided to retain the company after its annual reconstitution last Friday, effectively easing potential immediate selling pressure. The premium of Strategy's common stock price relative to its enterprise value is currently about 1.1 times. It is worth noting that last week, Strategy publicly urged MSCI to abandon a controversial proposal that seeks to exclude companies like theirs, with "cryptocurrency assets accounting for more than half of total assets," from MSCI global stock indices. In a formal letter to the MSCI Index Committee, Strategy warned against potential "extremely harmful" market chain reactions if the proposal is approved. MSCI stated that the final decision will be announced on January 15th.