MSTRs 2.78 Rally Masks 46.6 Volume Drop to 19th U.S. Equities Turnover Rank

On September 26, 2025, Strategy (MSTR) closed with a 2.78% gain, while its trading volume dropped 46.6% to $3.57 billion, ranking 19th among U.S. equities by dollar turnover. The decline in liquidity contrasted with its positive price performance, suggesting potential shifts in market positioning ahead of key earnings or macroeconomic catalysts.

Recent regulatory scrutiny over disclosure practices has intensified investor focus on MSTR’s corporate governance framework. Analysts noted that the company’s ongoing efforts to streamline its reporting structure could influence institutional buying patterns, particularly in light of its strategic pivot toward AI-driven revenue streams. However, short-term volatility remains elevated due to mixed signals from sector-specific ETF allocations.

To run this back-test accurately I need a few extra details: Market universe – do you want the ranking to cover all U.S. listed common stocks, only the S&P 500 members, another exchange / region, or a custom list of tickers you can supply? Ranking convention – should the “top-500” list be recomputed every trading day using the previous day’s dollar volume (close × volume) or using share volume? Execution convention – Buy at today’s open and sell at today’s close (1-day intraday hold), or Buy at today’s close and sell at tomorrow’s close? Transaction-cost assumptions (slippage & commission) – any you’d like applied? Once I have this information I can set up the data pull and run the back-test.