Strategy Pushes Back Against MSCI's Proposed Index Removal
Bitcoin Treasury Strategy is pushing back against Morgan Stanley Capital International's (MSCI) plan to remove it from its Global Investable Market Indexes. MSCI proposed a rule that would define 'Non-Operating Companies' as those that don't meet certain financial criteria, and exclude them from indexes visible to institutional investors. This move could impact Strategy's stock price and potentially trigger forced selling by index-tracking funds.
Strategy, formerly MicroStrategy, has spent around $63.3 billion on Bitcoin since August 2020, making it the largest corporate holder of the asset. The company's stock (MSTR) was trading nearly 3% lower at nearly $95 per share, and is down by nearly 40% year-to-date.
In a statement, Strategy wrote that MSCI's proposal 'puts it out of step with regulators, markets, and its own customers.' It also stated that 'Bitcoin doesn't need MSCI. Neither does Strategy.'