The publicly listed company with the world’s largest Bitcoin holdings has been removed from MSCI’s benchmark indexes.
In the results of its November 11 index review, MSCI classified companies like this as being more akin to investment funds under its new “non-operating company” rules, making them ineligible for inclusion. The change takes effect after the U.S. market closes on November 30. Chairman Saylor publicly objected, saying index providers held subjective biases against digital assets. The company also formally requested that the proposal be withdrawn, but was unsuccessful.
JPMorgan estimates that passive funds tracking the relevant indexes hold about 3.1% of the company’s outstanding shares. Its removal could trigger $2.8 billion in selling pressure; if other index providers follow suit, the amount could reach $8.8 billion. In premarket trading today, the company’s stock fell 4.3%.
The company holds 850,364 bitcoins, purchased at an average price of $75,456. Bitcoin is currently trading at $72,945, down 1.4% over the past 24 hours, putting its price below the company’s cost basis.
#比特币 #BTC #MSCI
In the results of its November 11 index review, MSCI classified companies like this as being more akin to investment funds under its new “non-operating company” rules, making them ineligible for inclusion. The change takes effect after the U.S. market closes on November 30. Chairman Saylor publicly objected, saying index providers held subjective biases against digital assets. The company also formally requested that the proposal be withdrawn, but was unsuccessful.
JPMorgan estimates that passive funds tracking the relevant indexes hold about 3.1% of the company’s outstanding shares. Its removal could trigger $2.8 billion in selling pressure; if other index providers follow suit, the amount could reach $8.8 billion. In premarket trading today, the company’s stock fell 4.3%.
The company holds 850,364 bitcoins, purchased at an average price of $75,456. Bitcoin is currently trading at $72,945, down 1.4% over the past 24 hours, putting its price below the company’s cost basis.
#比特币 #BTC #MSCI
