Strategy Buys 1,036 BTC but Spends More Repurchasing Its Preferred Stock Just Under $100

US indices fell at open, with Nasdaq 100 down 1.2% and S&P 500 off 0.7%, pressured by Nvidia's 12% drop and Fed hawkish comments. Bitcoin fell below $72,000. Broadcom and AMD rose 2% on Nvidia CEO resignation. Nebius fell 16% despite revenue beat due to weak guidance. Oil prices rose on geopolitical concerns, boosting Chevron and ExxonMobil.

Hedge funds reduced their net short position in CME Bitcoin futures by 89% from December 2024's peak, holding 2,591 contracts (12,955 BTC) as of November 2026. The Bitcoin basis trade, which profits from the spread between spot and futures prices, has become less attractive due to a shrinking premium. Multi-strategy hedge funds also cut spot Bitcoin ETF exposure by 68,000 BTC ($5.4B) between September 2025 and June 2026. CME Bitcoin futures open interest fell to 17,527 contracts (87,635 BTC).

MSCI will remove Strategy (MSTR) from its global equity indexes, including the MSCI USA Index. MSTR stock fell 6% in premarket trading to $114.70. Bitcoin (BTC) also declined 2% to $72,518, pressuring crypto-related stocks like MARA and Riot, which fell 5%. MSCI's decision follows new rules for non-operating companies, and funds tracking these indexes must sell MSTR shares by November 30.

Bitcoin (BTC) dropped below $73,000, its lowest since August, amid a broader crypto market decline. Ethereum (ETH), Solana (SOL), and XRP also fell. Crypto-linked stocks like MSTR, BMNR, and ASST declined, with MSTR facing additional pressure from MSCI's index removal. Analyst Michael van de Poppe identified support levels for Bitcoin but suggested waiting for a price sweep before buying.

MSCI will remove Strategy from the MSCI USA Index on November 30. During November 2-8, Strategy allocated $188 million to preferred-share buybacks and $82 million to Bitcoin purchases using proceeds from common-stock sales. The company holds 850,364 BTC as of November 8. Future fundraising and capital allocation will impact Bitcoin accumulation and buyback activities.

Nvidia shares fell over 8% in after-hours trading on rumors of CEO Jensen Huang's potential ouster, following his admission of an affair. Bitcoin also declined over 4% in three days. Analysts cite concerns over Nvidia's leadership and potential spillover effects on AI-related stocks and Bitcoin. MSCI's removal of Strategy from its index may impact Bitcoin's price.