Strategy Falls 9.6% After MSCI Ruling Despite Bitcoin Gains
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Strategy shares dropped 9.6% after MSCI announced an index eligibility change, while the company's bitcoin holdings remained roughly $5 billion above cost.
Strategy shares fell 9.6% on Friday, the first full trading session following MSCI's announcement of a change to its index eligibility rules.
MSCI said after U.S. markets closed on Oct. 15 that companies primarily focused on holding assets, rather than operating a business, would no longer qualify for its indexes.
Despite the stock decline, Strategy's 848,250 bitcoin were worth about $5 billion more than their acquisition cost, according to Bitcoin.com News. That figure represents an unrealized gain on the company's holdings.
Source: Bitcoin.com News
