MSCI is dropping Strategy from its index, effective after the close on November 30—and many people have misunderstood what this means. To be clear: index funds have to sell MSTR shares, not bitcoin. Strategy doesn’t have to sell a single coin: it holds 850,364 BTC, bought at an average price of $75,456, and still has $4.77 billion in cash on its books. The real problem is on the other side: its premium has fallen from 3.4x in November 2024 to 1.08x, and the money-printing machine that funded coin purchases by issuing shares has ground to a halt. JPMorgan estimated the exclusion could trigger $2.8 billion in passive selling, with funds tracking MSCI needing to unload about 13 million shares by November 30. The CEO told CNBC the impact would be negligible—but the biggest publicly traded buyer of bitcoin is losing its financing engine. #比特币 #Strategy