MSCI will remove Strategy from its indices after changing the rules

Index provider MSCI has published the results of its November review of Global Standard Indexes, according to which Michael Saylor's company Strategy will be removed from the MSCI USA. The changes will take effect after the close of trading on November 30, 2026.

The decision was made against the backdrop of a review of MSCI methodology that restricts the inclusion of companies with predominantly investment activity. In addition to Strategy, the changes affected Japan's Metaplanet, whose shares will be excluded from the MSCI Japan Small Cap.

Recall that in August 2026, MSCI proposed changing its approach to index construction. The new criteria provide for an assessment of operating assets and five financial indicators. For an existing constituent to be removed, it must fail to meet the requirements over the last two reporting years.

In September, Strategy called the initiative discriminatory, arbitrary, and erroneous. The company stated that MSCI is essentially trying to exclude crypto treasuries under the pretext of changing the general criteria.

At the same time, Strategy claimed that the exclusion would not have a significant impact on the business. According to its estimate, funds tracking MSCI indices own about 13 million MSTR shares, or 3.1% of their total outstanding number. This volume is less than the typical daily turnover of the company's securities.

However, JPMorgan analysts estimated the potential capital outflow at $2.8 billion. If other index providers take similar measures, total sales could reach $8.8 billion. The estimates were based on MSCI's initial proposal, not the final methodology.

The decision also sparked discussion on X. BloFin Research analysts noted that the main risk is the weakening of Strategy's bitcoin accumulation model. A decline in passive demand for the shares could further reduce the premium to the value of the cryptocurrency reserves and complicate raising capital for new purchases of the asset.

In turn, the analytical account Bull Theory drew attention to the possibility of forced selling of Strategy shares by index funds for an amount of up to $2.8 billion.

At the same time, exclusion from the indices does not mean delisting MSTR shares from Nasdaq and does not obligate the company to sell bitcoins. The main risk is associated with a potential reduction in demand for the securities on the part of passive investment funds.