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Strategy CEO Phong Le went on CNBC to address MSCI’s move to drop MSTR from its indexes. His verdict: the impact is immaterial.
He also accused the index provider of opposing Bitcoin.
What MSCI is doing and what Le said
MSCI plans to remove Strategy from the MSCI USA Index and its global benchmarks after November 30, 2026. The move follows eligibility rules MSCI adopted in October 2026.
Those rules target what MSCI calls “non-operating companies.” Strategy, by MSCI’s reading, falls into that bucket.
Le’s core argument was about scale. He said MSCI-linked funds account for only about 3% of Strategy’s outstanding shares.
That figure underpins his “immaterial” label. If index trackers own a sliver of the stock, their forced selling should be a ripple, not a wave.
Le did not stop at the math. He framed the decision as running against the spirit of innovation in digital assets, and he called MSCI’s approach discriminatory toward the sector.
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His comparison was pointed. Le likened the treatment to penalizing traditional resource companies over how they run their businesses.
Le also argued that digital asset holdings should be treated as operating assets. That is the crux of the disagreement, since MSCI’s new rules hinge on exactly that distinction.
There is one number that complicates the calm. Le said the decision could lead to passive outflows of around $2.8 billion if other index providers take similar action against Strategy.
Even so, Le maintained that Strategy’s liquidity will remain robust in the near term. He said the exclusion creates no immediate operational hurdles for the company.
Why Strategy is in this position
Strategy is the largest publicly listed corporate Bitcoin holder. It began building its corporate Bitcoin treasury model in 2020.
As of early November 2026, the company held 850,364 BTC. It acquired those coins at an average price of $75,456 per Bitcoin.
What this means for MSTR holders and the sector
Le’s 3% figure is the company’s main defense here. If accurate, MSCI-linked selling alone should be manageable relative to the full shareholder base.
The bigger risk is the domino scenario. The $2.8 billion outflow estimate Le described only applies if other index providers adopt similar positions.
Le’s comments suggested he does not see that as an immediate problem. His emphasis on robust near-term liquidity reads as a direct answer to that concern.
