On September 1, Strategy fell 5.24% in regular trading, trading at $124.25/share, with turnover of $471 million, reversing earlier session gains as selling pressure intensified.

The decline comes as MSCI's proposed index exclusion rules continue to overhang the stock. Strategy sent a letter on August 31 to MSCI's Equity Index Committee, arguing the new eligibility test is \"a pretext\" targeting Bitcoin treasury companies and \"simply re-packages\" a proposal MSCI withdrew earlier this year. MSCI's methodology flags companies whose operating expenses fall below 5% of total assets, and Strategy's quarterly filing shows the outcome hinges on whether $22.77 billion in Bitcoin fair-value changes are classified as operating expenses. The consultation period runs through September 30, with potential index changes as early as November. Removal from MSCI global equity indices could significantly reduce passive fund demand for the stock.

The broader crypto-linked sector traded notably weaker, with Circle down 6.34% and BitMine Immersion Technologies down 5.71%. Despite Strategy resuming Bitcoin purchases last week — acquiring 4,603 BTC at an average price of $80,318 for approximately $370 million — the MSCI overhang and sector-wide pressure dominated sentiment.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)