Strategy gets the MSCI boot

The index exclusion we warned about last month is now confirmed. MSCI will remove Strategy (MSTR) from its global stock indexes after the November 30 close, under new rules excluding companies that function more like investment funds than operating businesses. That matters because funds tracking those indexes will need to sell their Strategy shares, potentially adding pressure to MSTR. Strategy has downplayed the impact, saying MSCI-tracking funds own just 3.1% of its shares. The removal doesn’t force it to sell bitcoin, but weaker demand for its stock could make raising money for future purchases harder. Read more →

Tether’s reach extends well beyond stablecoins. A Protos review of regulatory filings puts its stakes in 13 U.S.-listed companies at roughly $4.8 billion. Most of that value sits in bitcoin treasury firm Twenty One Capital, video platform Rumble and agricultural company Adecoagro, with other investments spanning gold royalties, bitcoin mining and satellites. The relationships also run deeper than owning shares – Tether has board representation at several companies and is a major customer of some businesses it backs. Protos maps out the growing web of investments – and the companies increasingly tied to the USDT issuer. Read more →

Winklevoss-owned crypto exchange Gemini (GEMI) has reportedly sold its UK and European operations to stablecoin firm KAST. The purchase price was below $10 million, according to reporting. The disposal follows Gemini’s decision earlier this year to pull back from international markets and restructure its business to reduce costs and pursue profitability as the stock is down more than 90% since IPO. Singapore-based KAST, was founded by former Circle executive Raagulan Pathy, and recently raised an $80 million Series A. Read more →

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