Strategy To Be Removed From MSCI’s Indexes Over ‘Non-Operating’ Rule
Highlights
- MSCI will remove Strategy from its global indexes by the end of the month.
- Bitcoin treasury firm Metaplanet will also be removed over the new non-operating methodology.
- The MSTR stock is down in after hours trading.
The MSCI will remove Bitcoin treasury firms, Strategy and Metaplanet, from its indexes following the implementation of its new methodology, which excludes “non-operating” companies. This will take effect on November 30, with both companies’ stock expected to see outflows from funds that have exposure to them as a result of their inclusion in these indexes.
MSCI To Remove Strategy From Global Index
In a November 11 announcement, MSCI revealed that it will remove the Bitcoin treasury firm from its global standard indexes as part of implementing the new methodology, which excludes non-operating companies. The index provider will also remove Metaplanet from its global small-cap indexes, effective at the end of this month.
This follows MSCI’s adoption of the new methodology last month, which determined that non-operating companies such as Strategy, similar to investment funds, should be excluded from its indexes. One criterion for determining a non-operating company is whether it has substantial operating costs.
In Strategy’s case, the company has relied heavily on its Bitcoin treasury strategy, with BTC also accounting for a majority of the assets on its balance sheet. It is worth noting that MSCI has also placed other crypto treasury firms such as Sharplink, Cypherpunk, and Defi Dev Corp. on its watchlist.
Strategy and Metaplanet’s stocks are likely to face selling pressure from funds that track MSCI’s indexes. These passive funds hold up almost $3 billion worth of MSTR shares, accounting for more than 3% of the stock’s supply, according to the company’s filing.
MSTR Stock Down in After-Hours Trading
The Strategy stock is down in after-hours trading amid MSCI’s decision to delete the Bitcoin treasury firm from its global indexes. MSTR is trading at around $118, down more than 3%, according to TradingView data.
The stock is also down more than 4% over the past week and 20% over the last month. Meanwhile, with the latest drop, MSTR is now down more than 22% year-to-date (YTD), a significant reversal from a couple of months ago when it gained massively as Bitcoin rallied above $80,000.
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