Strategy’s stock price fell 4% in after-hours trading following MSCI’s announcement of new rules excluding “non-operating companies” from its indices, including the MSCI World Index. The company, with a float-adjusted market value of approximately $40 billion, is directly threatened with removal due to its substantial non-operating BTC assets. JPMorgan estimated in November 2025 that MSCI exclusion alone could trigger $2.8 billion in outflows for Strategy. Michael Saylor’s company is actively lobbying against the removal, scheduled for MSCI’s November 2026 Index Review.
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