Shares of Michael Saylor’s Bitcoin treasury company Strategy fell 6.49% on Thursday, closing at $114.41, a day after MSCI confirmed the company’s removal from its global equity indexes and amid a broader cryptocurrency market sell-off.
On Wednesday, MSCI confirmed that Strategy would be removed from its global equity indexes after the Nov. 30 market close, a move that could trigger selling by funds tracking the benchmarks. JPMorgan previously estimated that the exclusion could result in roughly $2.8 billion in selling pressure.
Source: Yahoo Finance
Ryan Kirkley, CEO of Global Settlement Network, told Cointelegraph that MSCI’s decision could help distinguish Bitcoin treasury companies from traditional operating businesses and limit indirect cryptocurrency exposure for passive investors.
“Index inclusion meant ordinary passive investors, like someone holding a global index fund in their pension, were getting leveraged Bitcoin…
