11th December 2025 > > MSTR & CLARITY.

tl;dr

Another interregnum, but a very exciting one this time. A unique MSTR opportunity might be on the horizon. Those who are trying to put politics back into cryptos show their true colours.

Market Snap

Market Wrap

The Fed delivered the expected 25bps rate cut yesterday, temporarily sending BTC to $94k. The post cut commentary has taken us back down again. This is beginning to feel very much like one of those long periods of sideways movement, which can last for months at a time. Everything changes once the hapless Jerome Powell leaves the Fed next May opening the way for Trump to engineer a liquidity pump ahead of the mid-terms next November.

Occasional Series – Interregnum

Yes, another one, but they are always for good reasons.

This time, having been cast as a co-star (there are only two of us acting …) in a short film, I will be on set for the next three days at least. Boy, have I been looking forward to writing that sentence since for, like, forever.

See you on the other side.

Curious Cryptos’ meme corner

Some of the oldies are some of the besties.

Curious Crypto’s Commentary – Strategy (MSTR)

The CC research team has long been a supporter of MSTR. It is the simplest means of gaining exposure to BTC bar buying the spot ETFs. The issue for UK investors is that no-one from the UK is allowed to buy US ETFs because of the incompetence of the FCA.

If you have a long-term positive view of BTC, then you must feel the same way about MSTR, with the added advantage that you can own MSTR in your tax-free ISA wrapper. Though ISAs are under attack, I don’t believe for one moment that any government will ever retrospectively change the tax-free advantages they currently bestow, with the honourable exception of a Green-party led coalition, whose economic policies are so dangerously damaging that your investments will be worth nothing anyway for they will be sequestered by the state. To add to the attractiveness of investing in MSTR, it is currently trading flat or thereabouts to its NAV.

MSCI is a firm that “… designs equity, fixed income and real estate indices such as MSCI World, MSCI Emerging Markets and MSCI ACWI, which are used by asset managers, pension funds and ETF providers to track and benchmark global markets.”

In a nod to Operation ChokePoint 2.0 the executives at MSCI have proposed that any firm whose assets comprise 50% or more in cryptos will be excluded from all the MSCI indices, against which trillions and trillions of investment monies are measured. The MSCI committee will rule on this proposal on January 15^th, 2026.

It has been reported that of MSTR’s $60bn MC, nearly $10bn of that sits in passive funds that merely track MSCI indices. If this proposal gets approved, a significant portion of that $10bn will be sold in short order, undoubtedly forcing MSTR’s MC to a deep, though temporary, discount to NAV. That would be a fabulous buying opportunity, and one that the CC Treasury is ready to take advantage of. Effectively buying BTC at a 30% or a happy day’s 50% discount is not to be ignored.

…

In a bid to retain its status as an important part of MSCI’s indices, MSTR has written an open letter of complaint:

https://www.strategy.com/msci

I guess the key bit is this:

Personally, I find myself agnostic about the outcome of the vote in January.

If the proposal gets rejected, it reaffirms the credibility of DATs within the investment world.

If the proposal gets accepted, it will offer a unique opportunity to buy BTC at a heavily discounted price and will eventually lead to either the demise of MSCI as a provider of relevant stock indices, or a reversal of this proposal, probably in early 2027.

For long-term investors, and specifically the contrarians amongst us, the latter is the shinier and more lucrative outcome.

Curious Crypto’s Commentary – The CLARITY Act

Senator Cynthia Lummis has indicated that progress is being made in coming to agreement for the final version of the CLARITY Act, potentially opening the way for approval in January next year. This would be a boon to the crypto industry.

There are some who have raised issues with the CLARITY Act, including of course Senator Elizabeth Warren who labours under the pretence that her anti-freedom and anti-liberty army remains relevant.

The rollcall of others making complaints proves once and for all that the CLARITY Act is patently a good thing. A letter sent to the Senate made this startingly nonsensical claim:

"The legislative initiatives explored in the Senate so far have largely failed to address the widespread harms caused by the crypto industry and the Senate should not consider any bill that does not address these problems in full.”

That letter was signed, amongst others, by:

Better Markets – a brief glance at its website will fill you will fear and dread.

Greenpeace – enough said.

Animals Are Sentient Beings, Inc. – what’s that got to do with the price of fish?

And two trade unions – the Communication Workers of America, and the Teachers’ Union. Once you find these two on the other side of the argument, you know immediately you are fighting the good fight.

…

Every time we make progress in taking the politics out of cryptos, there is a certain type of individual or organisation that wants to put it back in again.

That is so frustrating and damaging to all of us.