On November 12th at 6 AM Beijing time, MSCI will announce the index adjustment list for November, and whether $MSTR can remain in the relevant index will also have results.

PS: If removed, the adjustment will be implemented after the market closes on November 30th.

In fact, Strategy has already indicated in the third quarter report that according to MSCI's new non-operating company screening criteria, MSTR will be removed from MSCI. This means it has already been anticipated.

For MSTR, the most direct impact is that funds tracking the relevant index will need to adjust their holdings, possibly selling MSTR before and after the adjustment, putting pressure on the stock price.

Strategy estimates that funds tracking this type of MSCI index hold about 13 million shares of MSTR, equivalent to about 60% of the company's average daily trading volume at that time. After MSTR is removed, this portion of stock will likely be gradually liquidated.

This will obviously put greater pressure on MSTR's price. Moreover, misfortune does not come alone; if MSTR's stock price continues to decline, when raising the same amount by selling common stock, it will require issuing more shares, which will increase the dilution for existing shareholders, and future refinancing or buying bitcoin:native may be affected.

In simple terms, once MSTR is kicked out of MSCI, the investment institutions that passively bought in due to the index inclusion will sell, and selling will pressure the price, while the price decline will further affect MSTR's financing ability, especially given that Bitcoin's price is not very good right now.

Currently, the market should have already anticipated this, and now it remains to see the selling situation of the passive funds.

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