MSCI is consulting on a new "non-operating company" screen for its Global Investable Market Indexes, and Strategy fails it on every measure in MSCI's own simulation.
Estimated forced passive selling of $2B or $8.8B if FTSE Russell and S&P follow suit.
Strategy's pushing back with a coalition of other treasury firms, arguing that holding Bitcoin instead of cash or bonds is a treasury decision, not a change of business.
Turns out the index gatekeepers still decide what counts as a real company!
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