• MSCI will remove Strategy from the MSCI USA index following the November review.
  • The changes will take effect after the market close on November 30, 2026.
  • Earlier, Strategy called MSCI’s new rules discriminatory.
  • Analysts warned of the risk of capital outflows from the company’s stock.

Index provider MSCI has published the results of its November review of the Global Standard Indexes, under which Michael Saylor’s Strategy will be removed from MSCI USA. The changes will take effect after the market close on November 30, 2026.

The decision comes amid an MSCI methodology update that limits the inclusion of companies whose activities are predominantly investment-related. In addition to Strategy, the changes also affect Japan’s Metaplanet, whose shares will be removed from MSCI Japan Small Cap.

As a reminder, in August 2026, MSCI proposed changing its approach to index construction. The new criteria provide for an assessment of operating assets and five financial metrics. To remove an existing constituent, it must fail to meet the requirements for the past two reporting years.

In September, Strategy called the initiative discriminatory, arbitrary, and flawed. The company said MSCI is effectively trying to exclude crypto treasuries under the pretext of changing general criteria.

At the same time, Strategy argued that the removal would not have a material impact on its business. By its estimate, funds tracking MSCI indexes hold about 13 million MSTR shares, or 3.1% of the total shares outstanding. That amount is smaller than the company’s typical daily trading volume.

However, JPMorgan analysts estimated potential outflows at $2.8 billion. If other index providers take similar steps, total selling could reach $8.8 billion. The estimates were based on MSCI’s initial proposal rather than the final methodology.

The decision also sparked discussion on X. BloFin Research analysts noted that the main risk is a weakening of Strategy’s bitcoin accumulation model. A decline in passive demand for the stock could further compress the premium to the value of its crypto reserves and make it harder to raise capital for new asset purchases.

Meanwhile, the Bull Theory analytics account drew attention to the possibility of forced selling of Strategy shares by index funds totaling up to $2.8 billion.

At the same time, exclusion from the indexes does not mean MSTR shares will be delisted from Nasdaq, nor does it require the company to sell bitcoin. The main risk is tied to a potential drop in demand for the stock from passive investment funds.