Stocks

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.

Strategy (MSTR) holds Bitcoin valued at approximately $60.4 billion as of December 3, while its market capitalization stands at $50.7 billion. The discount means investors can acquire the company's cryptocurrency holdings below market value, with its software operations effectively priced at a negative figure. After adjusting for $8.2 billion in debt, net Bitcoin holdings remain valued at roughly $48.6 billion, according to financial commentary platform The Kobeissi Letter.

Strategy holds approximately $59 billion in Bitcoin and may liquidate portions if its stock price drops below the value of its cryptocurrency assets. CEO Phong Le stated the company raised $1.4 billion in cash reserves to fund dividend and interest payments for up to two years without accessing its Bitcoin holdings. The firm is also exploring Bitcoin lending as an alternative strategy.

Benchmark raised its price target for Strategy (MSTR) to $705, projecting a 183% upside from current levels. The firm would need Bitcoin to crash 86% to $12,700 to face debt coverage issues on its $8.2 billion obligations. Market odds of Strategy selling Bitcoin by mid-2026 stood at 28% as of press time.

Kraken has completed its acquisition of Backed Finance AG to accelerate expansion of its xStocks tokenized equities platform. The platform surpassed $10 billion in trading volume within six months of launch. The deal consolidates issuance, trading, and settlement operations under Kraken's infrastructure.

American Bitcoin (ABTC) shares fell 51% within 30 minutes on December 2, triggering multiple trading halts. The mining company, co-founded by Eric Trump, declined as Bitcoin retreated more than 30% from its October peak. The previous day saw nearly $1 billion in leveraged crypto positions liquidated across the market.