Bitcoin falls as Strategy faces MSCI index shake-up

00:00 Speaker A

In a risk-off environment, Bitcoin obviously has taken it on the chin more than other assets. Last night, obviously, it sold down as far as $67,000, not the best price action that you would want to see in what we assumed was a renewed bull market. And part of the

00:15 Speaker A

bad news, bad news, I'm going to air quote it right there. Part of the bad news here is what happened to strategy. Strategy, the world's biggest corporate Bitcoin holder to be dropped from MSCI indexes. Strategy described the proposal as discriminatory,

00:32 Speaker A

arbitrary, and misguided, and encouraged shareholders to oppose it. So we thought that this might be coming as we reported in the past on MSCI likely changing their rules on what qualified a company to be a part of their index. And they had been adding pretty aggressive language about the operating business having to have actual income and it couldn't basically just be a treasury company that was holding an asset as a business. So

01:08 Speaker A

we knew this was likely coming. Strategy was removed, Metaplanet was removed, Upexi, Solana Treasury company, who I happened to share space with here in the offices in Tampa. They were also unfortunately removed, but this was not only Bitcoin, not only Solana, also Yellow Cake, which is a uranium holding company. They were also removed as well as some agriculture companies in Europe and others. No Bitcoin was actually mentioned specifically in the language.