MSCI Announces at 6 a.m.: Strategy Dropped from Global Indexes, MSTR Down 0.8% After Hours
The shoe we’d been waiting nearly a month to drop finally did so at 6 this morning: MSCI published the final list for its November index review, and Strategy (MSTR) was removed from its global indexes. Reuters confirmed the news immediately, citing the view that Strategy is more like an investment fund than an operating company—the new rules announced on October 15 have now taken effect.
Key figures:
· MSTR fell 0.8% after hours; it closed at $121.07 on November 10 (-3.60%), down about 17% from $145.16 on October 28 and roughly 20% year to date (according to Reuters).
· Passive outflows: JPMorgan estimated around $2.8 billion, the upper-end estimate for November 2025. Strategy’s own estimate is more concrete: tracking funds hold about 13 million shares, or 3.1%, worth around $1.57 billion at current prices.
· The change takes effect after the close on November 30, and passive funds must rebalance before then. Strategy holds 850,364 BTC at an average price of $75,456 (disclosed on November 9).
To be clear: removal ≠ delisting; MSTR will continue trading as usual. MSCI has not asked Strategy to sell BTC either—the selling pressure is on the stock, not directly on the coin. $BTC is currently around $74,218 (24h +0.53%), and the coin itself has barely reacted to the news.
My take: the market had already priced this in. When the new rules came out on October 15, MSTR fell 9.56% the next day and then drifted down to $121; when the shoe finally dropped, there was no panic. The variables lie ahead: first, the rebalancing window before November 30, when passive funds mechanically sell; second, whether other index providers follow suit—JPMorgan has mentioned another roughly $8.8 billion if they do. For $BTC , the impact isn’t selling pressure but a slowdown in the flywheel: pressure on MSTR’s premium narrows the channel for buying coins through share issuance, reducing incremental buying demand.
Risk note: $2.8 billion is the upper-end estimate; the $1.57 billion in actual holdings is the better anchor. It remains to be confirmed whether the full MSCI list includes other companies besides Strategy, such as Metaplanet; no other outlet appears to have published the full list yet.
Do you think MSTR’s removal is the shoe finally dropping for BTC, or the beginning of a flywheel slowdown?
$BTC $MSTR
#MSCI #Strategy #比特币 #MSTR
The shoe we’d been waiting nearly a month to drop finally did so at 6 this morning: MSCI published the final list for its November index review, and Strategy (MSTR) was removed from its global indexes. Reuters confirmed the news immediately, citing the view that Strategy is more like an investment fund than an operating company—the new rules announced on October 15 have now taken effect.
Key figures:
· MSTR fell 0.8% after hours; it closed at $121.07 on November 10 (-3.60%), down about 17% from $145.16 on October 28 and roughly 20% year to date (according to Reuters).
· Passive outflows: JPMorgan estimated around $2.8 billion, the upper-end estimate for November 2025. Strategy’s own estimate is more concrete: tracking funds hold about 13 million shares, or 3.1%, worth around $1.57 billion at current prices.
· The change takes effect after the close on November 30, and passive funds must rebalance before then. Strategy holds 850,364 BTC at an average price of $75,456 (disclosed on November 9).
To be clear: removal ≠ delisting; MSTR will continue trading as usual. MSCI has not asked Strategy to sell BTC either—the selling pressure is on the stock, not directly on the coin. $BTC is currently around $74,218 (24h +0.53%), and the coin itself has barely reacted to the news.
My take: the market had already priced this in. When the new rules came out on October 15, MSTR fell 9.56% the next day and then drifted down to $121; when the shoe finally dropped, there was no panic. The variables lie ahead: first, the rebalancing window before November 30, when passive funds mechanically sell; second, whether other index providers follow suit—JPMorgan has mentioned another roughly $8.8 billion if they do. For $BTC , the impact isn’t selling pressure but a slowdown in the flywheel: pressure on MSTR’s premium narrows the channel for buying coins through share issuance, reducing incremental buying demand.
Risk note: $2.8 billion is the upper-end estimate; the $1.57 billion in actual holdings is the better anchor. It remains to be confirmed whether the full MSCI list includes other companies besides Strategy, such as Metaplanet; no other outlet appears to have published the full list yet.
Do you think MSTR’s removal is the shoe finally dropping for BTC, or the beginning of a flywheel slowdown?
$BTC $MSTR
#MSCI #Strategy #比特币 #MSTR
