The 6 a.m. list is out: Strategy really got kicked out.
The final list for MSCI’s November index review is confirmed: Strategy (MSTR) will be removed from the MSCI global indexes at the close on November 30, effective December 1. Japan’s Metaplanet and Upexi are also on the removal list.
Passive funds have no choice: funds tracking the indexes must sell MSTR before the November 30 close. Strategy estimates the amount at about $1.57 billion (around 13 million shares, or 3.1% of its shares outstanding). JPMorgan puts the upper bound at $2.8 billion, including funds that follow the indexes.
Let’s clear up an easy point of confusion: the shares are being sold, not the coins. Strategy has more than 850,000 bitcoins on its books, and not a single one will be sold as a result.
The market’s initial reaction was muted: $MSTR closed Tuesday at $122.35, up 1.06%, and fell only 0.8% after hours following the news. $BTC is now at $73,736, up 0.24% over 24 hours, still about $600 above its 200-day moving average (around $73,150).
What’s really being squeezed is the flywheel: pressure on the share price → a shrinking equity premium → less room to raise money by issuing shares to buy coins. MSTR is down about 20% this year, while Bitcoin is down about 15%.
The next thing to watch: passive funds selling for real at the November 30 close—and whether other index providers follow suit (JPMorgan: up to another $8.8 billion). This is not investment advice.
The final list for MSCI’s November index review is confirmed: Strategy (MSTR) will be removed from the MSCI global indexes at the close on November 30, effective December 1. Japan’s Metaplanet and Upexi are also on the removal list.
Passive funds have no choice: funds tracking the indexes must sell MSTR before the November 30 close. Strategy estimates the amount at about $1.57 billion (around 13 million shares, or 3.1% of its shares outstanding). JPMorgan puts the upper bound at $2.8 billion, including funds that follow the indexes.
Let’s clear up an easy point of confusion: the shares are being sold, not the coins. Strategy has more than 850,000 bitcoins on its books, and not a single one will be sold as a result.
The market’s initial reaction was muted: $MSTR closed Tuesday at $122.35, up 1.06%, and fell only 0.8% after hours following the news. $BTC is now at $73,736, up 0.24% over 24 hours, still about $600 above its 200-day moving average (around $73,150).
What’s really being squeezed is the flywheel: pressure on the share price → a shrinking equity premium → less room to raise money by issuing shares to buy coins. MSTR is down about 20% this year, while Bitcoin is down about 15%.
The next thing to watch: passive funds selling for real at the November 30 close—and whether other index providers follow suit (JPMorgan: up to another $8.8 billion). This is not investment advice.
