Shares of Strategy, the largest corporate holder of Bitcoin, fell 4% after index provider MSCI warned the company could be removed from one of its global indices. Exclusion from a major MSCI benchmark would force passive funds that track the index to sell the stock, potentially triggering outflows worth billions of dollars. MSCI has been reviewing how to classify companies whose balance sheets are dominated by digital assets, questioning whether they function more like operating businesses or investment vehicles. The decline adds pressure to Strategy at a time when Bitcoin is trading near $82,000 after briefly falling below $80,000 this week, and as other treasury firms weigh selling holdings.
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