Strategy (MSTR), led by Saylor, has seen its floating-rate perpetual equity token, STRC, fail to regain parity since May 15, despite the company's repeated attempts to stabilize its price by repurchasing hundreds of millions of dollars worth of STRC. The persistent de-pegging of STRC is partly attributed to MSCI's recent announcement to classify MSTR as a "non-operating business" and remove it from its Global Investable Market Indexes. Furthermore, the failure of the CLARITY Act to pass in the U.S. in September, along with a reported massive loss of $8 billion in the second-quarter earnings report, also contributed to the decline in STRC's value.