Strategy stock sheds 5% amid MSCI index removal, Bitcoin sell-off
Strategy shares fell 6.49% to $114.41 after MSCI confirmed they will be removed from its global equity indexes after the Nov. 30 market close. The exclusion could prompt benchmark-tracking funds to sell shares; JPMorgan previously estimated about $2.8 billion in potential selling pressure. Global Settlement Network CEO Ryan Kirkley said the move may prevent passive investors from receiving unintended Bitcoin exposure and reflects debate over whether Bitcoin treasury firms qualify as operating businesses. Strategy has argued MSCI’s proposed rules target digital-asset treasury companies and said MSCI-linked funds held about 3.1% of its basic shares. The decline also coincided with a broad crypto sell-off: Bitcoin fell 4.3% over 24 hours, while total crypto market capitalization dropped 3%.
