MSCI confirmed that Strategy will be removed from its indices on November 30 because the company is classified as non-operational; Japanese firm Metaplanet will also be excluded. JPMorgan analysts estimate that the decision could trigger the sale of about $2.8 billion worth of Strategy shares, potentially rising to $8.8 billion if other index providers follow, while Strategy says that funds replicating MSCI indices hold only 3.1% of its outstanding shares. The exclusion does not require the company to sell its BTC or affect its Nasdaq listing, but it could slow bitcoin purchases by reducing demand for the shares and preferred securities it issues to finance acquisitions. The mNAV ratio, currently estimated at 1.08, and the $100 threshold for STRC will be closely monitored, as a renewed discount in the preferred security could weaken Strategy’s financing capacity.
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