Strategy stock fell about 4% on Friday. MSCI adopted a framework that could exclude non-operating companies from its global stock indexes, raising the risk that Strategy may be removed. Market estimates cited in recent coverage suggest such an outcome could trigger roughly $2.8 billion in passive selling pressure.

Recent reports also noted that Strategy has prioritized balance-sheet management, including about $192.4 million of preferred stock buybacks against only 250 BTC of recent purchases, tempering expectations for its bitcoin acquisition flywheel.