Strategy’s MSCI exclusion could trigger billions in MSTR selling

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Strategy has faced renewed pressure ahead of MSCI’s November 11 index review, with its possible removal from major equity benchmarks threatening to trigger billions of dollars in institutional share ...

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href=https://crypto.news/strategys-msci-exclusion-could-trigger-billions-in-mstr-selling/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Strategy has faced renewed pressure ahead of MSCI’s November 11 index review, with its possible removal from major equity benchmarks threatening to trigger billions of dollars in institutional share ...</p>\n\n<a href=\"https://crypto.news/strategys-msci-exclusion-could-trigger-billions-in-mstr-selling/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4595","symbol_name":"比特币概念","start_time":0,"source_url":"https://crypto.news/strategys-msci-exclusion-could-trigger-billions-in-mstr-selling/","article_id":"2682021283","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/strategys-msci-exclusion-could-trigger-billions-in-mstr-selling/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2682021283","pubTimestamp":1794402962,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Strategy has faced renewed pressure ahead of MSCI’s November 11 index review, with its possible removal from major equity benchmarks threatening to trigger billions of dollars in institutional share sales.MSCI is scheduled to announce its November 11 index review, with Strategy facing potential removal under new eligibility rules for companies classified as nonoperating businesses.JPMorgan analysts previously estimated that Strategy’s exclusion could trigger roughly $2.8 billion in institutional selling, while around 13 million MSTR shares are held by funds tracking MSCI indexes.MSTR shares have fallen approximately 17% over the past two weeks, raising concerns about Strategy’s ability to raise capital through future stock offerings to finance Bitcoin purchases.Market commentator Adrian Morris believes much of the potential selling pressure may already be priced into MSTR shares and does not consider MSCI exclusion an existential threat to Strategy.JPMorgan analysts previously estimate","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4595":"比特币概念","OWNB":"BITWISE BITCOIN STANDARD CORPORATIONS ETF","SMST":"2倍做空MSTR ETF-Defiance","CRPT":"First Trust SkyBridge Crypto Industry and Digital 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index review, with Strategy facing potential removal under new eligibility rules for companies classified as nonoperating businesses.\nJPMorgan analysts previously estimated that Strategy’s exclusion could trigger roughly $2.8 billion in institutional selling, while around 13 million MSTR shares are held by funds tracking MSCI indexes.\nMSTR shares have fallen approximately 17% over the past two weeks, raising concerns about Strategy’s ability to raise capital through future stock offerings to finance Bitcoin purchases.\nMarket commentator Adrian Morris believes much of the potential selling pressure may already be priced into MSTR shares and does not consider MSCI exclusion an existential threat to Strategy.\n\n\n\nAccording to MSCI’s announcement, the index provider will publish its final list of additions and deletions shortly after 11 p.m. Central European Time on Wednesday. Any changes will take effect after the market closes on November 30.\nThe decision could affect Strategy, the world’s largest corporate Bitcoin holder, after MSCI adopted new eligibility rules in October that exclude companies classified as non-operating businesses.\nJPMorgan analysts previously estimated that removing Strategy from MSCI indexes could trigger roughly $2.8 billion in selling by passive investment funds. The estimate was prepared under an earlier version of MSCI’s proposed rules.\nStrategy’s shares have already fallen considerably ahead of the announcement. MSTR closed at $121.07 on November 10, down approximately 16.6% from $145.16 on October 28.\nMSCI rules put Strategy’s index membership at risk\nOn October 15, MSCI approved new eligibility criteria intended to exclude companies whose financial characteristics resemble investment funds instead of operating businesses.\nThe methodology first examines whether a company has substantial operating assets. Companies that fail this initial screening face five additional financial tests covering their assets, expenses, operating cash flow, fair-value exposure and dependence on external financing.\nAn issuer can become ineligible if it fails at least four of those five tests. Existing index constituents must meet the exclusion conditions across their two most recent annual reporting periods, although MSCI can consider more recent interim filings.\nAs previously reported by crypto.news, the methodology places Strategy’s business model under scrutiny because a substantial portion of its balance sheet consists of Bitcoin holdings.\nStrategy has acknowledged the risk in its financial disclosures and expects its common stock to be removed under the revised criteria.\nThe potential exclusions extend beyond Strategy. Japan’s Metaplanet and other companies with investment-heavy balance sheets have faced similar questions over their eligibility.\nHow much selling could MSCI removal trigger?\nStrategy previously disclosed that investment funds tracking MSCI indexes held approximately 13 million MSTR shares, representing around 3.1% of its basic shares outstanding.\nAt Tuesday’s closing price, those holdings were worth approximately $1.57 billion. The figure represents the market value of the estimated shares held by index-tracking funds, not a confirmed amount of selling.\nJPMorgan’s higher $2.8 billion estimate suggests a potentially larger impact, while previous analysis has raised the possibility of further outflows if other major index providers adopt comparable restrictions.\nPassive funds tracking affected benchmarks would need to adjust their holdings around the November 30 implementation date. The actual selling pressure would depend on fund exposure, trading activity and how investors position themselves before the changes take effect.\nMarket commentator Adrian Morris, however, believes investors may have already accounted for much of the potential impact.\nIn a November 11 post on X, Morris said an official exclusion announcement could cause another decline in Strategy’s shares, but argued that the event would not necessarily threaten the company’s survival.\n\n“If | when a de-listing happens, we may see a drop after an official announcement. But likely priced in, not a terminal event,” he wrote.\n\nMorris had previously challenged the characterization of the estimated $2.8 billion outflow as an existential threat to Strategy in an October 16 post.\nStrategy continues buying Bitcoin despite stock pressure\nStrategy’s latest Bitcoin purchases have continued despite the decline in its common stock.\nOn November 9, the company disclosed that it had acquired another 1,036 BTC, bringing its total holdings to 850,364 BTC as of November 8.\nThe company simultaneously repurchased approximately $188.3 million of its STRC preferred shares, using proceeds from common stock sales to finance the transactions.\nStrategy has relied on equity offerings and preferred securities to raise capital for Bitcoin purchases. A sustained decline in MSTR’s share price could make future common stock issuance less attractive, particularly when its market valuation approaches the value of its underlying Bitcoin holdings.\nMSCI exclusion would not itself require Strategy to sell Bitcoin. The immediate effect would fall on investment funds holding MSTR shares, while any consequences for the company’s cryptocurrency purchases would depend on its future financing decisions.\nAccording to Strategy’s November 9 disclosure it held approximately $4.9 billion in US dollar assets alongside its Bitcoin treasury.\n\n\n\n\n\n                Read more:\n            \n\n                3 reasons behind Bitcoin price’s nearly 6% weekly drop","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.53.0","shortVersion":"4.53.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2682021283","isCrawlerRequest":true}