On October 16, Strategy fell 3.02% in Pre-Market Trading, trading at $146.61 per share, with turnover of $20.21 million.

The move followed MSCI’s formal adoption of a framework to exclude non-operating companies from its equity indexes, raising the risk that Strategy could lose eligibility because of its bitcoin treasury-heavy profile.

Under the new framework, implementation will occur in the November index review and take effect after the November 30 close, with the final list expected on November 11. Market estimates cited in recent coverage suggest that if Strategy is removed from MSCI indexes, passive outflows could reach about $2.8 billion. Recent disclosures that preferred stock buybacks have exceeded bitcoin purchases have also added pressure to the company’s financing and valuation narrative.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)