đ 850,000 bitcoins were kicked off by a list
The index company has made its move.
On the final list from MSCIâs November review, the action next to âSTRATEGY Aâ read âDeleted,â effective after the market close on November 30. Japanâs Metaplanet and Upexi were also removed, while Sharplink, which holds ether, was placed on the watchlist.
The reason has nothing to do with losing money. The new rules set in October target ânon-operating companiesâ: companies that mainly hold financial assets and look more like investment vehicles are excluded from global investable market indexes. Buying and holding assets doesnât count as operating a business. The wording is blunt.
Hereâs what its quarterly report showed: changes in the fair value of digital assets contributed $20.9 billion in the third quarter, while software business revenue was $125 million, down 3% year over year. Full-year 2025 revenue was $477.2 million, still below the $486.3 million it made in 2019, before it bought crypto.
It had 850,364 coins on its books, according to figures from November 8, at an average price of $75,456 (November 9 8-K). At the current price of $71,300, those coins are worth $60.6 billion, 5.5% below cost.
The real impact is on equity financing. JPMorgan estimates the decision could bring $2.8 billion in selling pressure, based on an old proposal from last year. If other index providers follow suit, that could add up to another $8.8 billion. The company says index funds hold about 13 million shares, or 3.1% of its basic shares outstandingâless than one dayâs trading volume.
It mainly funds its bitcoin purchases through at-the-market share issuance, raising a net $5.41 billion in the third quarter. The lower the share price, the less money it raises by selling the same number of sharesâand the fewer coins it can buy. Thatâs why a falling price is a concern.
To pay preferred stock dividends, it had already sold $432 million worth of coins by the third quarter, and the board separately approved sales of up to $1.25 billion. Its $4.77 billion in dollar reserves, the company says, is enough to cover 3.4 years of interest and dividends. Debt of $1.05 billion comes due within a year.
The market has already given its answer. MSTR closed at $114.41 on the 12th, down 6.5%; it fell 19.9% for the week and 24.9% year to date. BTC was at $71,278â$71,489, down 3.4%. The total crypto market cap was $2.49 trillion, down 3%.
On-chain ownership doesnât require anyoneâs approval. It doesnât require an index, either. But for passive funds to buy in, a company has to make the list. Change one line on the list, and the cost of financing changes.
#ä¸ćŹčŞĺ˝é 礞ĺşBaoluoĺ¸ĺčľćŹ #Bitcoin #MSCI
The index company has made its move.
On the final list from MSCIâs November review, the action next to âSTRATEGY Aâ read âDeleted,â effective after the market close on November 30. Japanâs Metaplanet and Upexi were also removed, while Sharplink, which holds ether, was placed on the watchlist.
The reason has nothing to do with losing money. The new rules set in October target ânon-operating companiesâ: companies that mainly hold financial assets and look more like investment vehicles are excluded from global investable market indexes. Buying and holding assets doesnât count as operating a business. The wording is blunt.
Hereâs what its quarterly report showed: changes in the fair value of digital assets contributed $20.9 billion in the third quarter, while software business revenue was $125 million, down 3% year over year. Full-year 2025 revenue was $477.2 million, still below the $486.3 million it made in 2019, before it bought crypto.
It had 850,364 coins on its books, according to figures from November 8, at an average price of $75,456 (November 9 8-K). At the current price of $71,300, those coins are worth $60.6 billion, 5.5% below cost.
The real impact is on equity financing. JPMorgan estimates the decision could bring $2.8 billion in selling pressure, based on an old proposal from last year. If other index providers follow suit, that could add up to another $8.8 billion. The company says index funds hold about 13 million shares, or 3.1% of its basic shares outstandingâless than one dayâs trading volume.
It mainly funds its bitcoin purchases through at-the-market share issuance, raising a net $5.41 billion in the third quarter. The lower the share price, the less money it raises by selling the same number of sharesâand the fewer coins it can buy. Thatâs why a falling price is a concern.
To pay preferred stock dividends, it had already sold $432 million worth of coins by the third quarter, and the board separately approved sales of up to $1.25 billion. Its $4.77 billion in dollar reserves, the company says, is enough to cover 3.4 years of interest and dividends. Debt of $1.05 billion comes due within a year.
The market has already given its answer. MSTR closed at $114.41 on the 12th, down 6.5%; it fell 19.9% for the week and 24.9% year to date. BTC was at $71,278â$71,489, down 3.4%. The total crypto market cap was $2.49 trillion, down 3%.
On-chain ownership doesnât require anyoneâs approval. It doesnât require an index, either. But for passive funds to buy in, a company has to make the list. Change one line on the list, and the cost of financing changes.
#ä¸ćŹčŞĺ˝é 礞ĺşBaoluoĺ¸ĺčľćŹ #Bitcoin #MSCI
