MSCI will remove Michael Saylor's Strategy and other companies from its global indexes after concluding they more closely resemble investment funds. The move could curb passive investment flows into the stocks, with estimated index-fund selling of Strategy shares that could reach $2.8 billion.
MSCI will remove Strategy and other companies from its global indexes after determining they more closely resemble investment funds. Reuters reports the move could curb passive investment flows into the stocks. Strategy's shares fell 0.8% in extended trading on Wednesday.
Strategy shares and Bitcoin both trail this year
The stock has slid around 20% this year, while bitcoin prices are down 15%.
Strategy holds approximately 850,000 Bitcoin as of early November 2026, according to Crypto Briefing. Those coins represent most of the company's assets.
How MSCI's new rules reach Strategy
MSCI last year proposed excluding digital asset treasury companies whose holdings represent 50% or more of their total assets. It then launched a broader review of what it called non-operating companies, which have fund-type characteristics that its benchmarks exclude.
According to Crypto Briefing, MSCI adopted new eligibility rules on October 15, 2026. The screen has two stages: whether operating assets exceed 50% of total assets, then five financial-ratio tests. A company that trips four or more of those ratios is disqualified, and existing constituents leave only if they fail the screen in both of their two most recent annual filings.
What index-fund selling could mean
Funds that track MSCI benchmarks, such as an index fund, generally have to sell a stock that leaves the index. Crypto Briefing says estimated index-fund selling of Strategy shares could reach $2.8 billion, and that changes take effect at the close of November 30, 2026.
Strategy argues that the new guidelines discriminate against businesses with large digital asset holdings. Japan's Metaplanet also appears on MSCI's potential-deletion list, and Yellow Cake and Upexi face scrutiny too.
Sources: Investing.com (Reuters), Crypto Briefing
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