As mentioned on November 7th, being removed from the index could trigger passive selling, but the market had already priced in this expectation. The final impact will depend on the list and the market's reaction. Now the list is out: MSTR has been removed from the MSCI World Index, and Metaplanet has been removed from the Japan Small Cap Index, effective after the market closes on November 30th. 1. This is the first review under MSCI's new "non-operating company" rule. Strategy was not placed on the watch list but directly on the removal list. 2. Analysts previously estimated passive selling at approximately $2.8 billion, but this figure was based on MSCI's earlier plan for crypto treasury companies. Strategy itself stated that funds tracking the index hold approximately 3.1% of the basic share capital, less than a day's normal trading volume. 3. After the news broke, MSTR only saw a slight drop in after-hours trading. It has already fallen by about 20% year-to-date, compared to about 15% for BTC during the same period. The real passive selling will likely only materialize around the close of trading on November 30th.