#strategysharesfall9%onfriday
MSTR -9.6%, BTC -0.8%. This was a stock-specific shock, not a wave of Bitcoin selling. 🧩
What happened ✅
• MSCI adopted its “non-operating companies” rule (it’s no longer just a proposal)
• MSTR: $151.29 → $136.83 (-9.56%)
• List of affected companies: Nov. 11. Takes effect after the close on Nov. 30.
How the test works
A company passes if more than 50% of its assets are operational. Otherwise, five criteria are assessed (operating assets, expenses, cash flow, valuation, capital raising); failing at least 4 criteria makes it ineligible. A simulation in May 2026 flagged Strategy, Metaplanet, and Yellow Cake.
What has NOT been decided yet ⚠️
• Strategy has not yet been excluded
• JPMorgan’s estimate, which forecasts $2.8 billion in outflows, is outdated; Strategy says index funds hold only about 3.1% of its shares
• An exclusion means funds sell the stock, not that Strategy has to sell its BTC
My take: the real risk is that raising equity to buy BTC becomes more difficult. I’m watching Nov. 11 and Strategy’s access to financing, not a single daily candle.
Overreaction or reassessment? 👇
This is not financial advice. Do your own research.
$BTC
$MSTR
$ARIA
MSTR -9.6%, BTC -0.8%. This was a stock-specific shock, not a wave of Bitcoin selling. 🧩
What happened ✅
• MSCI adopted its “non-operating companies” rule (it’s no longer just a proposal)
• MSTR: $151.29 → $136.83 (-9.56%)
• List of affected companies: Nov. 11. Takes effect after the close on Nov. 30.
How the test works
A company passes if more than 50% of its assets are operational. Otherwise, five criteria are assessed (operating assets, expenses, cash flow, valuation, capital raising); failing at least 4 criteria makes it ineligible. A simulation in May 2026 flagged Strategy, Metaplanet, and Yellow Cake.
What has NOT been decided yet ⚠️
• Strategy has not yet been excluded
• JPMorgan’s estimate, which forecasts $2.8 billion in outflows, is outdated; Strategy says index funds hold only about 3.1% of its shares
• An exclusion means funds sell the stock, not that Strategy has to sell its BTC
My take: the real risk is that raising equity to buy BTC becomes more difficult. I’m watching Nov. 11 and Strategy’s access to financing, not a single daily candle.
Overreaction or reassessment? 👇
This is not financial advice. Do your own research.
$BTC
$MSTR
$ARIA