Fundstrat: MSCI exclusion risk for Strategy largely priced in, bitcoin seen at $95K–100K by year-end

• —MSCI-linked indexes hold about 13 million Strategy shares, roughly $2 billion in flows
• —Strategy already issued about $2 billion in stock in August despite thin liquidity
• —The company repurchased $1.5 billion of preferred shares to support par value
• —Farrell sees bitcoin in a $95,000–100,000 range by year-end