Strategy falls 4.3% premarket on MSCI index removal plan; CoreWeave drops 7%

The MSCI proposal matters less for what it says about Strategy than for what it signals: index providers are beginning to treat large digital-asset treasury holdings as a classification question, not just a market-cap one. That puts passive flows at stake for any company whose balance sheet is built around crypto exposure, and other index committees could face the same debate. CoreWeave's move is a separate story — a capital-structure decision being read alongside a broader risk-off tone in AI-linked names. Whether MSCI's consultation advances, and how CoreWeave's debt is received, are the open questions.