Here's your Forbes Daily Briefing for Tuesday, November 25th. Today on Forbes, will Bitcoin's dive

threaten Michael Saylor's strategy? Last week, Bitcoin fell to $82,000, down 35% from its $12,080

October peak.

For most big NASDAQ listed companies, that drop is background noise.

For Michael Saylor's strategy, the stock market's biggest bull and largest corporate holder

of Bitcoin, it immediately raises the question of what comes next.

For almost two years, strategy traded far above

the value of its Bitcoin holdings, at times 190% higher, turning its stock into a turbocharged

Bitcoin bet for most institutional investors. Sailor's transformation of his Tyson's Virginia-based

data mining software company into a masterwork

in using traditional corporate finance to harness Bitcoin's volatility has already attracted

hundreds of copycats, publicly traded holding companies known as digital asset treasuries, or debts,

while his net worth climbed from $1.6 billion in 2022 to $5.4 billion.

But Strategies premium has disappeared, and its own shares have fallen 60% in a year,

bringing its market capitalization down to $49 billion, lower than the value of the $56 billion in Bitcoin it holds.

Last month, S&P Global Ratings assigned strategy a B-minus credit rating, deep into junk territory,

citing, quote, high Bitcoin concentration, narrow business focus, weak risk-adjusted capitalization, and low U.S.

dollar liquidity as weaknesses. J.P. Morgan analysts also warned in a recent note that strategy

is at risk of being removed from major benchmarks, including MSCI USA and the NASDAQ-100.

If MSCI moves ahead the NASDAQ 100.

If MSCI moves ahead, as much as $2.8 billion could flee the stock, with more at risk

if other index providers follow.

...