Around 6:00 AM Beijing time on November 12th, MSCI will announce its final list, and MSTR is highly likely to be included. The reason isn't "it buys Bitcoin," but rather that its financial statements no longer resemble those of a typical operating company: ・Holds 848,517 BTC, with a market capitalization of approximately $70.8 billion at the end of September. ・Cumulative revenue for the first three quarters: $372 million. ・Q3 operating profit: $20.9 billion, of which $20.9 billion came from the revaluation of Bitcoin. Operating assets account for less than 1%, eliminating it from the core screening process from the outset. JPMorgan estimates a passive outflow of $2.8 billion; if other index providers follow suit, it could reach $8.8 billion. The list will officially take effect at the close of the US stock market on November 30th, with passive selling pressure concentrated in the closing auction that day. MSTR Bitcoin MSTR