- MSCI will delete Strategy from the MSCI USA Index after the close on Nov. 30 under new non-operating company rules.
- The move could force passive funds to sell roughly 13 million shares, or about 3.1% of outstanding stock.
- Strategy holds 850,364 bitcoin valued at approximately $62.6 billion.
Index provider MSCI has confirmed that it will remove Strategy, the largest publicly traded corporate holder of bitcoin, from its global equity benchmarks, including the MSCI USA Index, after the market close on Nov. 30. The decision, announced Wednesday as part of the November 2026 Index Review, follows the adoption of new eligibility screens for non-operating companies on Oct. 15 and could trigger significant passive selling of Strategy shares.
According to Reuters, MSCI determined that Strategy and certain other firms more closely resemble investment funds, which are excluded from its indexes. Tokyo-listed bitcoin treasury company Metaplanet and uranium holder Yellow Cake are also slated for removal. The changes take effect at the close of Nov. 30, as detailed in MSCI’s official review announcement.
Strategy holds 850,364 BTC, worth roughly $62.6 billion at current prices, CoinDesk reported. The exclusion does not require the company to sell any bitcoin, but it removes a source of passive demand that has supported its equity valuation and capital-raising ability.
Estimates of forced selling vary. Strategy previously stated that funds tracking MSCI’s global investable indexes hold about 13 million shares, representing 3.1% of its basic shares outstanding and less than one typical day’s trading volume. JPMorgan analysts had earlier projected that an exclusion could drive approximately $2.8 billion in outflows, with the figure potentially rising to $8.8 billion if other index providers follow suit, as noted by Bitcoin Magazine and Cointelegraph.
In its consultation response, Strategy argued that the rule was discriminatory and conflicted with established accounting principles, while downplaying the operational impact. The company has said a deletion “would have no meaningful impact on Strategy’s business,” according to reporting by The Block. Analysts at BloFin Research cautioned that the bigger risk lies in pressure on Strategy’s market-to-net-asset-value premium, which has already compressed toward 1.08x, potentially making new equity issuance less accretive for additional bitcoin purchases.
Shares of Strategy fell about 2% in after-hours trading following the announcement. The stock is down nearly 20% year-to-date amid a broader bitcoin drawdown. Market participants widely anticipated the outcome after MSCI finalized the non-operating company screen last month.
