Strategy (MSTR), the world’s largest institutional Bitcoin investor formerly known as MicroStrategy, is facing a potential removal from MSCI’s global equity indices as the index provider prepares to release its November review results. The changes, if confirmed, would take effect at the close of U.S. markets on November 30, 2026.
JPMorgan analysts have estimated that funds tracking MSCI indices could be forced to sell approximately $2.8 billion worth of MSTR shares if the stock is excluded. Should other major index providers follow MSCI’s lead, total passive outflows could reach $8.8 billion. Strategy has pushed back against the proposal, arguing that the new eligibility rules target digital asset treasury companies under another name. The company said the classification of certain firms as non-operating businesses has no basis in US GAAP, IFRS, or any recognized legal framework, and maintained that its Bitcoin operations qualify as an operating segment under U.S. accounting rules. Strategy also warned that the proposal introduces subjective policy decisions into index construction and has asked MSCI to withdraw it.
Market commentator KALEO believes the removal may already be priced in, noting MSCI finalized its new eligibility rules on October 15 and Bitcoin has declined since then. While concerns remain that Strategy could face cash constraints and be forced to sell some BTC, KALEO sees that scenario as far less likely than it appeared during the summer because the company has shown willingness to dilute shareholders and adjust financial metrics to raise capital rather than sell Bitcoin. He expects the MSCI decision to be negative for MSTR over the longer term, but not to have much fundamental impact on Bitcoin itself.
