Strategy, the World’s Biggest Corporate Bitcoin Holder, to Be Dropped From MSCI Indexes

According to Bloomberg.com, MSCI Inc. dropped Strategy Inc. from its global equity benchmarks following the release of the November 2026 Index Review results on Wednesday. Strategy is among the firms removed from the MSCI USA Index after the provider adopted new eligibility rules. Yahoo Finance reported that MSCI confirmed on November 11 that the deletion becomes effective on December 1. Yahoo Finance also noted that Japan's Metaplanet is being removed, while about two dozen other crypto and holding firms are on a watchlist including Sharplink. Bloomberg.com stated that MSCI will remove Tokyo-based Bitcoin treasury Metaplanet Inc. from its Japan Small Cap Index. Metaplanet holds 44,000 Bitcoin, according to Bloomberg.com.

Yahoo Finance estimated that Strategy faces $2.8 billion of its shares being liquidated by passive funds, while J.P. Morgan flagged up to $8.8 billion if other index providers follow suit. Bloomberg.com reported that shares of Strategy fell almost 2% in after-hours trading, with the stock down almost 20% this year. Yahoo Finance noted that Bitcoin is trading at $73,587, down about 10% in the past month and down 16.13% year-to-date, with a 52-week range of $57,877 to $104,000 as of November 12. Bloomberg.com reported that Bitcoin has dropped around 15% during the same period.

Strategy's model involves selling common stock and preferred shares at a premium to net asset value in order to fund token purchases, as reported by Bloomberg.com and Yahoo Finance. Bloomberg.com noted that co-founder and executive chairman Michael Saylor pioneered this model, through which the firm has acquired over $60 billion in Bitcoin since the middle of 2020. Yahoo Finance reported that nothing in the MSCI rules requires Strategy to sell Bitcoin, and index funds hold about 13 million shares, or 3.1% of Strategy's basic shares, which Strategy says is less than one day's trading volume. Yahoo Finance also noted that Strategy sold some Bitcoin earlier this year to meet debt obligations.

Regarding the index provider's decision, Bloomberg.com reported that Saylor downplayed potential impacts in an October interview with Bloomberg Television, stating that the index provider was "imposing prejudicial values on digital assets." Saylor called their decision a "value judgment" that sets a bad precedent, according to Bloomberg.com. Yahoo Finance reported that MSCI flagged the rules in October, and Strategy also warned of exclusion in its Q3 filing, meaning the news was largely priced in with the stock falling only 2.4% to 4% after hours on confirmation.