United StatesMSCI drops Strategy, owner of 850,364 bitcoin, from its indexes.

Strategy funds bitcoin purchases by selling shares at a premium, and passive demand supports that premium.

That premium, mNAV, fell from 3.4x in November 2024 to 1.08x, where new equity issuance adds little value.

10x Research’s Markus Thielen says most of the exclusion is priced in and expects no spillover into bitcoin.

Funds tracking the index must sell about 13 million shares by the 30 November close, Strategy estimates.

How each outlet framed it

drawn from 60+ reports worldwide

CoinDesk
frames MSCI's exclusion as a flow problem: the sell pressure is a passive index effect, and the 13M-share estimate depends on who is analyzing it

Sources: CoinDesk