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Strategy (MSTR) stock fell 10% on Friday, putting it on pace for its worst single-day decline in more than eight months.
The move comes after index provider MSCI announced new eligibility rules that could lead to the removal of Michael Saylor’s bitcoin juggernaut from its global stock indexes.
MSCI said Thursday it will adopt new rules to exclude certain “non-operating companies” from its indexes, including those whose primary business resembles that of an investment fund rather than a traditional operating company.
For context MSCI has only about 4% of MSTR shares outstanding. MSTR is also in Nasdaq 100.
Price is right at the convergence of the 200 and 50dma. Will it hold?
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