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MSCI to drop Strategy from its indexes at November 30 close

MSCI will remove Strategy, the largest company holder of bitcoin, from its equity indexes after November 30. Its chief executive says the change will not derail its bitcoin treasury approach.

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MSCI has confirmed that Strategy will be removed from its equity indexes after the close on November 30. Metaplanet is leaving at the same time. Of the 24 US companies being deleted from the index, Strategy is the only one not moving down to the small-cap tier.

MSCI's screen for non-operating companies flagged both firms. That screen looks for businesses that do little or no ordinary business. Strategy is the largest corporate holder of bitcoin in the world, so the change draws attention. The move also raises questions about how institutional money flows into bitcoin treasury companies.

Strategy$111.62down −22.07%over 1 month
$153.48$111.6214 Oct13 Nov

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Bitcoindown −23.89%1 month

Strategy shares fell 6.49% on November 12 and closed at $114. They were also lower in pre-market trading that day.

From November 2 to 8, Strategy spent more than twice as much buying back preferred shares as it spent buying bitcoin. Preferred shares usually pay a fixed dividend, and a buyback means the company repurchases them. The November 30 close will test how the company funds itself.

JPMorgan, Fidelity and State Street have added to their Strategy holdings. JPMorgan reported a 36% rise in its Strategy shares and a $540 million position in BlackRock's bitcoin ETF, an exchange-traded fund that tracks bitcoin's price.

Strategy's chief executive says the change will not derail its bitcoin treasury approach. The selling risk linked to the removal is put at $2.8 billion.

$1,000 in Strategy

Had you put $ into Strategy a month ago, it would be worth – now.

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Crypto
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Strategy, Bitcoin

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