Episode notes
MSCI adopted its non-operating company rule on October 15, and the companion spreadsheet of potentially impacted securities lists Strategy with a potential action of "Deleted" — roughly $40.3B of the $44.4B of float-adjusted market cap on that entire list. The affected names publish November 11 and the change takes effect at the close on November 30, leaving 19 days between the list and any forced selling. MSTR dropped 9.56% in a single session after the decision. Tonight, Joey and Len walk through the 4-of-5 ratio test, whether Strategy actually trips it, and what index removal does and does not do to the Bitcoin sitting behind the stock. MSCI's announcement names no company, and Strategy says MSCI-linked funds hold only 3.1% of its basic shares.
Also on the show: Metaplanet swapping Bitcoin-backed loans for ¥52B of convertibles while restarting a buyback with the stock near 90% off its peak, Strategy buying 250 BTC and spending another $192M on its own preferred, K33's estimate that the STRC machine has left Strategy about 4,947 BTC behind where it would otherwise be, and Bitcoin trading near $80,000 on hot inflation prints. Plus the week's Canadian headlines: a record $17.5B of federal debt dumped by non-residents in August, 82 charges in the Toronto abduction case involving Armed Forces reservists, Macklem signalling a higher inflation forecast on October 28, and Alberta's vote today on starting the process toward a separation referendum.
If the index funds sell the stock and not the coins, does any of this change the Bitcoin thesis for you?
Canadian Bitcoiners Podcast
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READ MORE
MSCI's announcement: https://app2.msci.com/webapp/index_ann/DocGet?pub_key=aq0wbkjxPgo=&lang=en&format=html
The finalized rules: https://www.theblock.co/news/business/2026-10-15-msci-rules-could-exclude-strategy-mstr-from-indexes-418729
Who could be ejected: https://www.coindesk.com/markets/2026/10/16/msci-approves-rules-that-could-eject-strategy-metaplanet-from-equity-indexes
Strategy's exposure: https://decrypt.co/381168/bitcoin-treasury-giant-strategy-faces-index-removal-under-finalized-msci-rules
Saylor's response: https://protos.com/strategy-dips-on-bad-msci-world-index-news/
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