Strategy shares declined Thursday following MSCI’s decision to remove the company from its indexes, as Bitcoin also fell amid a broader crypto market decline.

Shares of Michael Saylor’s Bitcoin treasury company Strategy fell 6.49% on Thursday, closing at $114.41, a day after MSCI confirmed the company’s removal from its global equity indexes and amid a broader cryptocurrency market sell-off.

On Wednesday, MSCI confirmed that Strategy would be removed from its global equity indexes after the Nov. 30 market close, a move that could trigger selling by funds tracking the benchmarks. JPMorgan previously estimated that the exclusion could result in roughly $2.8 billion in selling pressure.

Ryan Kirkley, CEO of Global Settlement Network, told Cointelegraph that MSCI’s decision could help distinguish Bitcoin treasury companies from traditional operating businesses and limit indirect cryptocurrency exposure for passive investors.

“Index inclusion meant ordinary passive investors, like someone holding a global index fund in their pension, were getting leveraged Bitcoin exposure they never chose. MSCI just fixed that,” he said.

Kirkley added that MSCI’s decision also raises broader questions about whether Bitcoin treasury companies should be classified alongside traditional operating businesses.

In its Aug. 31 response to MSCI’s proposed rules, Strategy argued that the changes were a pretext for targeting digital asset treasury companies. It also downplayed the potential financial impact, saying MSCI-linked funds held approximately 13 million of its shares, representing just 3.1% of its basic shares outstanding.

The stock’s decline coincided with a broader cryptocurrency market sell-off. m. 3% over the past 24 hours, according to CoinGecko data .

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