On October 16, Strategy fell 3.26% in Regular Trading to $145.85 per share, with turnover of $197 million.

The move followed MSCI’s formal adoption of a framework to exclude non-operating companies from its global equity indexes, increasing concern that Strategy could lose index eligibility because of its bitcoin treasury-heavy profile.

According to publicly available reports, the new rule will be applied in the November index review and take effect after the November 30 close, with the final list expected on November 11. Market estimates cited in recent coverage suggest that, if removed, Strategy could face about $2.8 billion of passive outflows. Recent reports also noted that the company’s preferred stock buybacks have recently exceeded its bitcoin purchases, adding to scrutiny of its financing and valuation logic. Strategy’s bitcoin holdings themselves would not be automatically sold as a result of any index change.

(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.)