Nov 11 (Reuters) – Index operator MSCI will remove Michael Saylor’s Strategy and other companies from its global indexes after determining they more closely resemble investment funds, a move that could curb passive investment flows into the stocks.
MSCI last year proposed to exclude digital asset treasury companies whose holdings represent 50% or more of their total assets and then launched a broader review into what it called “non-operating companies”. Such companies have fund type characteristics, which are excluded from its benchmarks, it added.
Strategy’s shares fell 0.8% in extended trading on Wednesday. They have slid around 20% this year, while bitcoin prices are down 15%.
(Reporting by Johann M Cherian and Pritam Biswas in Bengaluru and Elizabeth Howcroft in London; Editing by Shilpi Majumdar, Sriraj Kalluvila and Leroy Leo)
Brought to you by www.srnnews.com
SRN News — View the original story at SRNNews.com.
