MSCI will drop Strategy from its USA index at the close of Nov. 30
The change also removes the company from two other U.S. MSCI indexes. Strategy has said funds tracking MSCI's global indexes hold about 3.1% of its shares.
By Jennifer Walsh ·
Why it matters: Some analysts say losing that index demand could make it harder for Strategy to raise money for more bitcoin.
For information only, not investment advice. Prices delayed.
Tickers: MSTR
Funds tracking MSCI's indexes would need to sell an estimated 13 million Strategy ($MSTR) shares, BloFin Research said, as the company comes out of the MSCI USA Index as of the close of business on Nov. 30, MSCI's Nov. 11 review lists show, under a new screen for non-operating companies.156 The same day's U.S. Equity Indexes review also lists it as a deletion from the MSCI US Prime Market 750 and US Investable Market 2500 indexes.2 The exclusion does not take the stock off exchanges or require the company to sell its bitcoin.6
That is roughly 3.1% of shares outstanding and less than a typical day's volume, a figure in line with Strategy's consultation analysis.67 In that earlier response, still framed as a proposal, Strategy said the test would not meaningfully affect it and called it a pretext for targeting digital-asset treasury companies.7 Strategy, Metaplanet and Yellow Cake did not immediately respond to Reuters requests for comment.8
The rules, adopted Oct. 15 and effective with this review at the close of Nov. 30, first ask whether an issuer has substantial operating assets.54 Companies that fail that screen face five financial ratios and are ineligible if flagged on four or more of them; current members are removed only if they fail in each of their two most recent annual filing periods.4
The Global Small Cap review dated the same day lists Metaplanet, a Tokyo-listed bitcoin treasury firm, as a deletion from the MSCI Japan Small Cap Index, and Yellow Cake, a UK uranium holder, as a deletion from the MSCI United Kingdom Small Cap Index.3
The live question is whether losing that demand makes it harder for Strategy to raise money to buy more bitcoin. CoinDesk quoted BloFin Research as saying, “Losing passive index demand could put further pressure on its mNAV premium, already near 1.08x. A shrinking premium makes new equity issuance less accretive, potentially slowing future Bitcoin accumulation.”6
Strategy shares were at $122.35, up 1.06% as of Nov. 11, 4:00 PM ET, ahead of MSCI's evening lists.4 CoinDesk said the company held 850,364 bitcoin as of its Nov. 12 article and that, for the week ended Nov. 8, a Nov. 9 filing showed Strategy raised $283.8 million by selling shares, used only $81.9 million toward bitcoin, and spent the bulk buying back preferred stock, with no bitcoin sales reported.6
Bitcoin was at $72,896, down 1.44% as of Nov. 12, 6:45 AM ET. Markus Thielen, founder of 10x Research, told CoinDesk, “This outcome has been widely expected, so most of it is already priced in.”6 JPMorgan estimated in November 2025 that an MSCI exclusion could trigger about $2.8 billion in outflows, or $8.8 billion if other index providers followed, though that forecast was based on an initial MSCI proposal, not the final rules adopted in this review.6
Sources
- MSCI Global Standard Indexes November 2026 Index Review (public list), MSCI
- MSCI US Equity Indexes November 2026 Index Review (public list), MSCI
- MSCI Global Small Cap Indexes November 2026 Index Review (public list), MSCI
- MSCI ANNOUNCES FINAL IMPACT LIST OF THE NON-OPERATING COMPANIES METHODOLOGY, MSCI
- MSCI ANNOUNCES RESULTS OF THE CONSULTATION ON THE ELIGIBILITY OF NON-OPERATING COMPANIES IN THE MSCI GLOBAL INVESTABLE MARKET INDEXES, MSCI
- MSCI is dropping Strategy from its index, and the exclusion could hit its bitcoin-buying machine, CoinDesk
- Strategy's Response to MSCI's Consultation on Eligibility of Non-Operating Companies, Strategy
- MSCI to drop Strategy from global indexes, putting billions in fund inflows at risk, Reuters
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