Strategy fell 9.6% on its first full trading day after MSCI proposed excluding companies whose primary assets are holdings 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 the holdings remain about $5 billion above cost. Mining companies including MARA also fell despite not facing the index eligibility threat, while risk aversion in Nasdaq trading contributed to some of the declines. MSCI is scheduled to announce its final removal list on November 11. JPMorgan estimates that removing Strategy could trigger about $2.8 billion in passive outflows.