MSTR drops over 8% intraday as MSCI index eligibility starts impacting financing expectations MSTR is clearly dropping more than bitcoin:native this time. As of now, it has fallen over 9%, while Bitcoin has only dropped about 1% during the same period. The gap of roughly 8 percentage points is mainly due to the MSCI index eligibility changes. On the 15th, after the U.S. stock market closed, MSCI announced it would implement new screening rules for non-operating companies. The final list of affected companies will be released on **November 11**, and the adjustments will take effect at the close of trading on **November 30**. These rules will examine companies' operating assets and financial metrics to determine whether they function more as vehicles for holding investment assets. When simulated using May data, Strategy was already flagged as a potential exclusion candidate. Strategy has consistently opposed these rules, arguing that it discloses its Bitcoin business as an operating segment and actively engages in financing and capital management. However, MSCI has decided to proceed with the implementation, so now it’s a matter of whether Strategy will appear on the final list. According to Strategy’s previous disclosures, funds tracking the relevant MSCI index hold approximately 13 million shares of MSTR, accounting for about 3.1% of its basic share capital at the time. Using today’s intraday price of $138 as a rough estimate, these shares are worth about $1.8 billion. If MSTR is ultimately excluded, the related funds will need to adjust their positions according to the new index, even if fund managers remain bullish on BTC—they’ll still have to offload MSTR shares that no longer meet index requirements. In summary, if MSTR is excluded when the final list is announced on **November 11**, funds will be forced to reduce their MSTR holdings due to the rules, which is why some investors are already exiting now. This has widened the price gap. A quick @Gate—trade more markets!