Strategy holds 850,364 BTC. It acquired them at an average cost of $75,456 per coin. Recent market prices have fallen below that level, leaving the holdings with a significant paper loss.
MSCI is set to announce on November 11 which companies will be affected by its new rule for non-operating companies. Investors are speculating that Strategy could be removed from MSCI indexes.
Analysts estimate an exclusion could prompt index-tracking funds to sell shares, creating about $2.8 billion in outflows and adding pressure to MSTR stock. Markets are watching MSCI's decision and its potential effect on the stock, independent of Bitcoin's price movements.