MSCI to remove Strategy from global standard indexes on Nov 30

This is a structural event for passive exposure to Strategy rather than a signal about its bitcoin holdings. Index-tracking funds must mechanically sell, creating forced supply that is unrelated to fundamentals, while the company's treasury remains untouched. The significance lies in the precedent: MSCI's new criteria effectively reclassify bitcoin-heavy balance sheets as non-operating, which could affect other similarly structured vehicles. The open question is whether other index providers adopt comparable rules, and whether the forced selling creates a persistent discount in Strategy's shares relative to its bitcoin exposure.