Despite its stock price falling below its Bitcoin market net asset value, MicroStrategy continues to pursue its S&P 500 inclusion bid. This strategy faces scrutiny due to the company’s heavily Bitcoin-focused treasury. 2020 saw a shift in corporate crypto investment trends fueled by MicroStrategy’s leadership, spearheaded by Michael Saylor, CEO. The firm has raised $19.8 billion through Bitcoin acquisitions since then, including $6.7 billion from preferred equity offerings, signaling a transition away from convertible debt financing. Analysts predict a decision on MicroStrategy’s S&P 500 inclusion in December, despite the stock’s volatility. Experts see no immediate liquidation risk for the company.