Strategy stock falls 10% as Michael Saylor's bitcoin giant faces index-level threat

Strategy (MSTR) stock fell nearly 10% Friday, the bitcoin accumulator's worst single-day decline since February. The move comes after index provider MSCI announced new eligibility rules that could lead to the removal of Michael Saylor's bitcoin juggernaut from its global stock indexes. MSCI said Thursday it will adopt new rules to exclude certain "non-operating companies" from its indexes, including those whose primary business resembles that of an investment fund rather than a traditional operating company. Exclusion could include Strategy, the world's largest corporate holder of bitcoin, along with other digital asset treasury companies. Such an action is expected to force index-tracking funds to sell shares of affected companies.