MSCI is due to publish the results of its November review shortly after 11:00 PM CET, with Strategy’s eligibility under new rules targeting non-operating companies among the key issues. JPMorgan previously estimated that removing Strategy could trigger $2.8 billion in selling by passive funds. An exclusion would not force Strategy to liquidate its Bitcoin holdings, but index-tracking funds would sell MSTR shares, potentially weakening the stock, raising the cost of capital raising and slowing future Bitcoin accumulation. Meanwhile, Anthropic plans to sell 825 million shares at $70 to $78 each, raising up to $64.4 billion at a valuation of up to $1.02 trillion before dilution. The offering, combined with a $26 billion private placement, will test institutional appetite for artificial intelligence despite Anthropic’s $17 billion annualized quarterly revenue run rate and computing commitments approaching $900 billion.
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