MSCI will drop Strategy from its main stock indexes on November 30
MSCI's new screen for "non-operating" companies flagged Strategy, Bitcoin Magazine reported. Metaplanet and three smaller firms are also being removed.
MSCI will remove Strategy, the largest corporate holder of bitcoin, from the MSCI USA Index at the close of trading on November 30. The index provider posted the change in review documents shortly after 5 p.m. ET on November 11, Bitcoin Magazine reported. The Block also reported the removal.
The USA Index feeds into MSCI's global benchmarks, Bitcoin Magazine said. So Strategy also drops out of MSCI World and MSCI ACWI (All Country World).
As of November 8, Strategy held 850,364 bitcoin, bought at an average of about $75,456 each, according to its latest SEC filing. Its shares closed at $122.35 on November 11, according to Bitcoin Magazine, and fell after MSCI posted the change. Bitcoin Magazine put the after-hours drop at 1.51%, to $120.50, as of 5:34 p.m. ET. The Block, in a report published at 6:09 p.m. ET, put the price at $119.06.
Who else is out
Japan's Metaplanet will leave the MSCI Japan Small Cap Index. Uranium holder Yellow Cake, Iceland's Skel fjárfestingafélag and small US company Upexi are also being removed from smaller MSCI indexes. Strategy alone made up more than 90% of the combined market value of the five companies on MSCI's October list, Bitcoin Magazine said.
Why MSCI did it
MSCI finalized new rules for "non-operating" companies in October. A company whose operating assets are less than half its total assets now faces five financial tests. Failing four or more of them makes it ineligible. The rules do not mention bitcoin by name. MSCI's documents did not say why any single company was cut, The Block reported.
What it could mean
Strategy has said about 3.1% of its basic shares (those already issued) sit in funds that follow MSCI's global indexes. Those funds generally have to sell when a stock leaves an index. A JPMorgan estimate of about $2.8 billion in forced selling dates from 2025 and was based on an earlier MSCI proposal, Bitcoin Magazine noted. MSCI has not published an estimate.
Strategy has opposed the change. In a letter to MSCI quoted by Bitcoin Magazine, the company said a deletion "would have no meaningful impact" on its business. Bitcoin Magazine noted Strategy's position that its bitcoin holdings count as an operating segment under US accounting rules (GAAP). Neither report included a Strategy comment on the final decision.
Index funds that copy MSCI's lists generally have to sell Strategy shares by the end of November. That can weigh on the share price. A weaker stock can make it harder for Strategy to raise money to buy more bitcoin.
Sources (3)
Correction, Nov 12, 2026: An earlier version said MSCI described Strategy as a "non-operating" company; MSCI gave no company-specific reasons. It also credited the 5 p.m. posting time to The Block, which gave no time. It called Strategy the only large company in the group, which neither source said. It said failing four of five tests makes a company ineligible; the rule is four or more. The story now gives both outlets' after-hours share prices, which differ.
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