MSTR stock closed at $114.41 on Thursday, down 6.49%, and traded at $113.04 before the bell at 11:46 GMT on Friday, according to Yahoo Finance and TradingView. Bitcoin stood at $69,228, so the gap below Strategy’s average cost that opened at about 1.8% on 9 November has widened to 8.3%.
JPMorgan’s latest 13F, filed on 12 November, shows it held 848,932 shares of MSTR stock on 30 September, 36% more than in June. The same filing lists put options on 1,148,500 Strategy shares, and MSCI removes the company from its indexes after the 30 November close.
Strategy’s 850,364 Bitcoin Sit $5.29 Billion Below Cost
Strategy bought 1,036 BTC for $81.9 million at an average of $79,012 between 2 and 8 November, taking its holdings to 850,364 BTC, according to its purchase ledger and the 9 November Form 8-K. The aggregate cost is $64.16 billion, or $75,456 per coin.
At $69,228, those coins are worth about $58.87 billion, a paper shortfall of $5.29 billion. The latest tranche is 12.4% underwater. Bitcoin dropped below $70,000 for the first time since August on Friday, CoinDesk reported, as $1.41 billion in leveraged positions were liquidated.
Bitcoin has closed under Strategy’s $75,456 average cost every day since 8 November, and at $69,228 the 850,364-coin treasury carries a $5.29 billion paper loss on a $64.16 billion cost. Source: EODHD, Yahoo Finance, Strategy · Chart: FinanceFeedsMSTR Stock Down 25.27% in a Month and 51.09% in a Year
Thursday’s $7.94 drop took MSTR stock from $122.35 to $114.41 on 19.5 million shares, above the 10-day average of 17.6 million. The session ranged from $119.65 to $112.32, and pre-market trade at 11:46 GMT on Friday added a further 1.20% decline, according to TradingView.
TradingView puts MSTR stock down 10.50% over five sessions, 25.27% over one month and 25.99% year to date, with a 51.09% drop over 12 months. From its 4 November close of $142.54, the shares have fallen 19.7%, close to twice Bitcoin’s 11.3% decline over the same sessions, EODHD data show. The slide leaves Strategy with a market value of $48.32 billion.
MSTR stock lost 25.27% over the month shown, including a 19.7% drop from its 4 November close of $142.54 to $114.41, close to twice Bitcoin’s fall over those sessions. Source: TradingViewJPMorgan Raised Its Strategy Stake 36% and Held Puts on 1.15 Million Shares
JPMorgan reported 848,932 Strategy shares worth $131.3 million at 30 September in its Form 13F, up from 624,387 at the end of June. That values each share at about $154.67 at quarter-end, 26% above Thursday’s close. Marked at Thursday’s price, the MSTR stock position was worth about $97.1 million. The filing also lists puts on 1,148,500 Strategy shares, reported at $177.6 million, against calls on 349,500 shares.
JPMorgan also held 11,408,930 shares of BlackRock’s iShares Bitcoin Trust worth $540.0 million, plus calls on 3,703,200 IBIT shares and puts on 2,915,000. IBIT is the fund behind $269.73 million of the 11 November ETF outflow. A 13F covers positions under JPMorgan’s investment discretion, including client accounts, and it does not show option strikes or expiries.
JPMorgan’s puts covered 1.35 times the Strategy shares it held at quarter-end and outnumbered its calls by 3.3 to 1, alongside a common stake 36% larger than in June. Source: SEC Form 13F (JPMorgan Chase & Co.) · Chart: FinanceFeedsInvestor Takeaway
JPMorgan reported puts on 1.35 times as many Strategy shares as it held, so its 36% bigger stake does not show a one-directional bet on MSTR stock.
MSCI Removes Strategy After the 30 November Close
MSCI dropped MSTR stock from the MSCI USA Index in its November review, which also takes it out of MSCI World and ACWI, effective after the 30 November close, 24/7 Wall St. reported. It is the first review under MSCI’s non-operating company rule, which tests five financial ratios, per investingLive.
Strategy said MSCI-linked funds hold about 13 million shares of MSTR stock, roughly 3.1% of basic shares. That equals 0.74 days of MSTR stock’s 10-day average volume, and JPMorgan’s 848,932 shares are 6.5% of that block. Executive chairman Michael Saylor has called the rule discriminatory, and Strategy argued in an August letter, before the decision, that deletion “would have no meaningful impact” on its business.
Bitcoin faces October producer price data at 13:30 GMT with Polymarket pricing an 85% chance of a December Fed hike. The same selloff took Ethereum below $2,000 on Friday morning.
Investor Takeaway
MSTR stock heads into the 30 November MSCI exit with Bitcoin 8.3% below Strategy’s $75,456 average cost and index trackers holding 0.74 days of volume.