Strategy Shares Fall 9.6% After MSCI Decision, Outpacing Bitcoin Drop

The gap between Strategy's 9.6% slide and bitcoin's smaller move suggests the market is pricing index-related risk specific to the equity wrapper, not just the underlying asset. That distinction matters for holders exposed to Strategy as a leveraged bitcoin proxy. With the final affected-company list still pending, the open question is whether the discount reflects a temporary positioning unwind or a more durable reassessment of how index inclusion risk is valued.