Bitcoin (BTC) prices moved above Glassnode’s estimated cost for its tracked treasury-company cohort in September, while monthly buying from June onward did not reach 10% of the November 2024 high.
In its Oct. 21 report, Glassnode estimated the group’s average cost at about $80,200 per BTC, using holdings and unrealized gains to calculate the figure. Its daily price series remained above that estimate beginning Sept. 18, and the holdings data ran through Oct. 19. Report author Frederik Theissen wrote, “Their buying has not returned with price.”
Glassnode said each monthly addition since June 2026 was below 10% of the cohort’s November 2024 peak.
A Strategy Inc. Form 8-K showed the company acquired 267 BTC for $22.1 million from Oct. 12-18, paying an average of $82,900 per coin. As of Oct. 18, Strategy held 848,517 BTC at an average purchase price of $75,446 each. That company-specific figure differs from Glassnode’s estimate for its tracked cohort.
During the same week, Strategy spent $193.1 million in cash to repurchase 1,938,780 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The company raised the authorization for its digital credit securities repurchase program from $2 billion to $3 billion, with $1.16 billion remaining as of Oct. 18. Strategy said it financed its Bitcoin purchases with $22 million in net proceeds from MSTR stock sales and $100,000 in cash.
MSCI has adopted a screen for non-operating companies in its Global Investable Market Indexes. Under the methodology, a company that falls short on operating assets would be screened out if four or more of five financial measures also flag it. Existing constituents face removal only if they fail the screen in both of their two most recent annual filing periods. An August simulation using May data listed Strategy and Metaplanet as possible deletions from the MSCI ACWI IMI index, but that exercise did not confirm either company’s status under the adopted rules. In January, MSCI declined to implement a proposal to exclude digital asset treasury companies from its February review and instead planned a broader review of non-operating companies.
Glassnode said a deletion could prompt funds following affected indexes to sell the relevant shares. MSCI plans to publish its final list of potentially affected constituents on Nov. 11; the index changes are scheduled to take effect at the close of Nov. 30.
