MSCI to Drop Strategy From Global Benchmarks; Shares Fall 5.3% Premarket

MSCI will remove Strategy from its global equity benchmarks, including the MSCI USA index, at the end of November under new rules classifying the Bitcoin-treasury firm as a non-operating company. Strategy, which holds over 850,000 Bitcoin, called the rule discriminatory. The removal will force passive funds tracking MSCI indices to sell their holdings. Shares fell 5.3% to $115.74 in premarket trading, down 41% over the past year. Bitcoin has fallen 26% over the same period amid inflation and the failure of the Clarity Act.