Strategic Bitcoin Accumulation and Equity Utilization Drive Buy RatingWe are not particularly surprised the Commitee chose not to include Strategy in its upcoming September rebalance, a decision that was disclosed this past Friday. Nor are we in any way deterred. Inclusion was never central to our investment thesis, though it remains a potential positive catalyst, in our view. Since embarking on its PBTC strategy, Strategy has performed extremely well, both in terms of operating performance (bitcoin per share up 135% since Dec-22) and investment returns generated by its various securities (e.g., its common stock is up 2,216%, far surpassing the S&P 500's 70% gain over the same period). The Index Committee's decision may or may not have reflected a referendum on the PBTC model; this was, after all, the first period in which Strategy was eligible for inclusion based on long-standing Index criteria.