Strategy fell 9.6% on its first full trading day after MSCI proposed excluding companies whose primary assets are holdings of assets, rather than operating businesses, from its indexes. According to Odaily, Bitcoin News said on X that Strategy holds 848,250 BTC, purchased at an average price of $75,444, and that those holdings are still worth around $5 billion more than their acquisition cost. Mining companies, including MARA, also fell despite facing no threat to their index eligibility, while risk aversion in Nasdaq trading contributed to some of the decline. MSCI is scheduled to announce the final list of companies to be excluded on November 11. JPMorgan estimates that Strategy’s removal could trigger around $2.8 billion in passive outflows

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