• MSCI has already removed Strategy Inc from its USA and global equity indexes after classifying the business as a non-operating company because of its large Bitcoin holdings. This triggers index-tracking funds to adjust positions and affects how the stock is represented in mainstream benchmarks.

• The reclassification puts fresh attention on Strategy’s reliance on equity issuance to finance Bitcoin purchases. Losing index inclusion can constrain access to passive capital and increase pressure on its funding model compared with traditional software and cloud peers.

• Now the focus turns to how this shift in index eligibility and perceived business profile could reshape Strategy Inc’s broader investment narrative.

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